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bogdanovich [222]
3 years ago
14

Consider the following: Cash in Bank - checking account of $18, 500 Cash on hand of $500. Post dated checks received totaling $3

500 and Certificates of deposits totaling $24,000. How much should be reported at cash in the balance sheet?
a. $18.500
b $19,000
c. $22, 500
d. $130, 500
Business
1 answer:
lesya [120]3 years ago
4 0

Answer:

b $19,000

Explanation:

The reconciliation between the book balance and the bank statement examines the transactions recorded in either account but omitted in the other and the transactions recorded wrongly in  both accounts.

Given the following transactions

Cash in Bank - checking account = $18, 500

Cash on hand = $500

Post dated checks received =  $3 500 and

Certificates of deposits = $24,000

Cash balance in balance sheet = $18, 500 + $500 + $24,000

= $43,000

The post dated check is not included as the cash is yet to be received. The balance in the post dated check will form part of the receivables balance and not that of cash.

The certificate of deposit may be accounted for as part of cash and cash equivalent as shown in the computation above. Where the certificate of deposit is accounted for as a short term investment,

Cash balance in balance sheet = $18, 500 + $500 = $19,000

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Consider the following year-end information for a company: Cost of goods sold $ 420,000 Sales revenue 800,000 Non Operating expe
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Answer:

$210,000.

Explanation:

Given:

Cost of goods sold = $420,000

Sales revenue = $800,000

Operating expenses = $170,000

Question asked:

What amount will the company report for operating income ?

Solution:

As we know, Operating Income = Gross Profit- Operating Expenses

First of all we will find gross profit,

Gross Profit = Net Sales – Cost of goods sold

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                    = $380,000

Now, Operating Income = Gross Profit- Operating Expenses

                                        = $380,000 -  $170,000

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Therefore, consider the following year-end information for a company, its Operating Income is  $210,000.

4 0
3 years ago
On January​ 1, 2018, Brazos Company purchased equipment and signed a sixminusyear mortgage note for $ 186 comma 000 at 15​%. The
kifflom [539]

Answer:

The journal entry to record the first installment payment will include a​ debit to interest expense of $27,900, mortgage notes payable of $21,248 and a credit to cash account of $49,148

Explanation:

For recording the first installment payment, we have to compute the interest amount which is given below:

Interest amount = value of Mortgage note × rate × year

                           = $186,000 × 15% × 1 year

                           = $27,900

Since we have to compute the installment for January​ 1, 2019, therefore, we take the one year period

Now, we have to compute the principal amount which equals tp

= Installment amount - interest expense

= $49,148 - $27,900

= $21,248

So, the journal entry would be

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Mortgage note payable A/c Dr   $21,248

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Explanation:

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3 years ago
During a recent hurricane, 25 individuals of the same butterfly species were blown onto a barrier island in southern florida. du
zubka84 [21]

I guess the correct answer is 3%

During a recent hurricane, 25 individuals of the same butterfly species were blown onto a barrier island in southern Florida. During the first year, 80 caterpillars hatched from eggs laid by the butterflies and only 5 individuals in the population died.

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Mauve Company permits employees to occasionally use the copying machine for personal purposes. The copying machine is located in
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This is a <u>false</u> statement.    

<u>Explanation</u>:

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3 0
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