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Andrew [12]
3 years ago
9

A company's general ledger shows a cash balance of $4,590. Comparing the company's cash records with the monthly bank statement

reveals several additional cash transactions such as checks outstanding of $2,860, bank service fees of $140, and interest earned of $28.
Calculate the correct balance of cash.
Business
1 answer:
Aleks [24]3 years ago
4 0

Answer: $4,478

Explanation:

Given that,

Cash balance = $4,590

Checks outstanding = $2,860

Bank service fees = $140

Interest earned = $28

Correct balance of cash = Cash balance + Interest earned - Bank service fees

                                        =  $4,590 + $28 - $140

                                        = $4,478

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Explain the importance of reconciling the bank at set dates
zmey [24]

Answer:

The goal of the bank reconciliation process is to find out if there are any differences between the two cash balances. ... A monthly reconciliation helps to catch and identify any unusual transactions that might be caused by fraud or accounting errors, especially if your business uses more than one bank account.

8 0
2 years ago
Mills Corporation acquired as a long-term investment $290 million of 8% bonds, dated July 1, on July 1, 2021. Company management
kow [346]

Answer:

Journal Entries are given below

Explanation:

                        Mills Corporation-journal Entries    

Date      Particulars                    Debit (In Miln)         Credit (in Mln)

01-Jul-21  Bond Investment       $290.00  

 Investment premium                     $50.00  

 Cash                                                                                $340.00  

Investment recorded

31-Dec-21 Cash     ($290 * 8% * 6/12) $11.60  

               Premium bond investment                                   $1.40  

             Interest revenue ($340*6%*6/12)                          $10.20  

Revenue recognized for bond interest and amortization of discount.

31-Dec-21  Unrealized holding gain or loss  $8.60 

         Fair value adjustment ($340 - $330 - $1.40)              $8.60  

investment recorded at fair value.

02-Jan-19 Fair value adjustment Dr $8.60  

                Reclassification adjustment -                              $8.60  

Fair value adjustment at the time of sale

02-Jan-19 Cash                                     $290.00  

         Loss on sale of investment        $48.60

                bond investment premium                               $48.60  

         Investment in Bond                                                 $290.00

Sale of investment.  

3 0
3 years ago
A store asked 250 of its customers how much they spend on groceries each week. the responses were also classified according to t
denis-greek [22]
Yes, I think there is a relationship between amount spent on groceries and gender because boys tend to eat more than the girls.
5 0
3 years ago
Jordan plans to add a porch to her house. The new 16' 18' porch will cost an average of $27 por square foot. Jorden also plans t
tatiyna

Question is incomplete as the cost of the sidewalk is not given :

Assume the sidewalk cost an additional $6 per foot. ​

Answer:

$8366

Explanation:

Given that :

Size of porch = 16 by 18 feets

Area of porch = (16 * 18) = 288 ft²

Cost per ft² = $27

Cost of porch = ($27 * 288) = $7,776

Sidewalk = 15feets

Cost per foot = $6

Cost of sidewalk = ($6 * 15) = $90

Cost of gate = $500

Total cost :

(cost of porch area + side walk + gate)

($7776 + $90 + $500) = $8366

Kindly note that the cost pwr foot of sidewalk was erroneously excluded and the value employed for the cost was only assumed.

7 0
2 years ago
Free trade proponents and protectionists have drastically different views regarding trade. Which side of the debate do you side
zvonat [6]

Answer:

Protectionist.

Explanation:

Proponents of protectionist argue that allowing free trade will kill local industries and also make the country for dumping ground for cheaper foreign made goods.

They suggested imposition of heavy tariffs so as to protect local industries. Protecting local industries will create jobs for the unemployed thereby making them relevant to the society.

By imposing high tariffs, foreign companies producing those goods would pass the burden to final consumers in form of high prices hence discourage consumers from buying them. Few of those goods will then enter the country due to the heavy duty and low patronage.

Imposition of heavy tariffs will also generate more revenue for the government which will be used to financed basic infrastructures like housing, sewage system, electricity, etc.

Although proponents of free trade are of the opinion that there should be no restriction to trading among countries. They also suggested the removal of high tariffs from goods exported from other country.

The above seems good, yet the consequences outweigh the gain therein. For instance, removal of duty or tariff would result in revenue loss for the government hence unable to finance basic infrastructures. The country will also become dumping ground for imported goods because they will sold at lower price due to it's poor quality.

6 0
2 years ago
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