Select the correct answer from each drop-down menu

On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019. Bank statement from the bank?s Web

Radda [10]

Answer:

Required 1.

Bank Reconciliation Statement as at 31 July

Balance at bank as per updated Cash Book $28,192

Add Unpresented Cheques

Check 1429 $1,248

Check 1430 $140 $1,388

Less Lodgements not yet credited ($790)

Balance as per Bank Statement $28,790

Required 2.

Journal Entries :

J1

Cash $14,300 (debit)

Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

Explanation:

The first step is to update the Cash Book Bank Balance as follows :

Debit :

Balance as at July 31 $14,183

Credit Transfer : Foncier Ricard $14,300

Totals $28,483

Credit:

Check 1425 understated ($99 - $69) $30

Direct Debit : Central Common $261

Cash Book Updated Balance (Balancing figure) $28,192

Totals $28,483

Then prepare a Bank Reconciliation Statement as at 31 July :

Bank Reconciliation Statement as at 31 July

Balance at bank as per updated Cash Book $28,192

Add Unpresented Cheques

Check 1429 $1,248

Check 1430 $140 $1,388

Less Lodgements not yet credited ($790)

Balance as per Bank Statement $28,790

Journal Entries :

J1

Cash $14,300 (debit)

Accounts Receivable : Foncier Ricard $14,300 (credit)

J2

Accounts Payable : Central Common $261 (debit)

Cash $261 (credit)

J3

Check 1425 $30 (debit)

Cash $30 (credit)

3 0

2 years ago

By shutting down, a firm A. stops receiving revenue and is stuck with its fixed costs. B. can avoid paying taxes on its previou

wel

Answer:

option A

Explanation: A firm cannot avoid paying taxes on previous profits as these profits were earned before the shutting down period and generally the taxes on profits for current period are paid at a later period. Thus option B is incorrect.

.

Revenue is the total income that a business gets from its normal operations and variable cost is the cost that changes with the level of output. Thus, there will be no revenue and also variable cost. Hence option C is incorrect.

.

Sunk cost are the costs that cannot be recovered and are already been incurred.So a company can avoid its variable cost by shutting down but not its sunk cost. Hence option D is incorrect.

.

Fixed costs are the costs that are independent of the level of output. Therefore, a company after shutting down will not receive revenue but will have to bear fixed cost. Hence option A is correct.

4 0

2 years ago

Coronado University sells 5,900 season basketball tickets at $210 each for its 12-game home schedule.

katen-ka-za [31]

Answer:

Explanation:

The journal entries are shown below:

a. Cash A/c Dr $1,239,000 (5,900 seasons × $210)

To Unearned basket ball tickets revenue $1,239,000

(Being the sale of the season tickets are recorded)

b. Unearned basket ball tickets revenue $103,250 ($1,239,000 ÷ 12)

To basket ball tickets revenue $103,250

(Being the revenue recognized)

7 0

3 years ago

You invest $1,000 in a complete portfolio. The complete portfolio is composed of a risky asset with an expected rate of return o

gladu [14]

Answer:

The rate of return on the risky asset is 16% and on treasury bill is 6% and we need a return of (1100-1,000)/1000= 10% or 0.1

If we think of x as the percentage investment in risky asset and 1-x as the investment in non risky asset we can mathematically find what proportion we need to invest in each asset to get this return.

16x+ 6(1-x)=10

16x+6-6x=10

10x=4

x=4/10

x= 0.4

This equation tells us that we should invest 40% in risky assets and 1-x which is 60% in treasury bills. We can test our answer by putting these values and see if the return is 10 %

(0.4*16)+(0.6*6)= Rate of return

Rate of return=10%

10% of 1000 = 100

100+1000=$1100

Explanation:

7 0

2 years ago

Sophie made pies and sold them from her food trailer at businesses. This is an example of a(n)A. direct marketing channel.B. dis

BigorU [14]

Answer:

Letter A is correct. Direct marketing channel.

Explanation:

A distribution channel is the most effective way a company decides to get its products to the end consumer at the right place at the right time. Intermediaries or business chains can be used to get the good to the customer. Some examples of distribution channels are: manufacturer, internet, retailers and shipping centers. Distribution channels can be direct or indirect.

In the case of the above question, Sophie's sales occurred through a direct distribution marketing channel, because this is configured as the one where the consumer can purchase the product or service direct from the manufacturer, there are no intermediaries for the product to reach the final customer. And proper transportation or logistics teams are also used to effectively deliver directly.

6 0

2 years ago