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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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Latham Corporation constructs a new factory building. The materials cost $300,000. Other costs include direct labor of $150,000,
Dovator [93]

Answer:

$535,000

Explanation:

The computation of the Latham's basis in the building is shown below:

= The material cost + direct labor cost + worker pension cost + architectural fees + depreciation on equipment  + interest paid during the year

= $300,000 + $150,000 + $5,000 + $15,000 + $25,000 + $40,000

= $535,000

It includes both direct and indirect cost

Since we have to compute for the building so we do not considered the purchase value of land and the loan amount

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3 years ago
Give 5 numbers smaller than -2 and 5 numbers bigger than -2​
Effectus [21]
Smaller: -3, -4, -5, -6, -7.
bigger: -1, 0, 1, 2, 3
6 0
3 years ago
__________ is a major skill needed in tennis?
Zolol [24]
Hand and eye coordination
4 0
3 years ago
You have just won the multi-state lottery jackpot of $500,000,000! you have the option of receiving a check for $25,000,000 ever
tekilochka [14]

(10,000,000) / (20) = 500,000

(10,000,000) * (0.069) = 690,000 in taxes.

So (10,000,000) - (690,000) = 9,310,000 in a lump sum.

In 20 payments it would be $500,000 minus the taxes.

($500,000) - [(690,000)/(20)]

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One lump sum would be $9,310,00. If they don't charge you taxes if you get the 20 payments per year, you would get $500,000. If you're charged taxes you'd get $465,500 per year.

6 0
3 years ago
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Gemiola [76]

Answer:

a. $6.54 per share

b. $1.73 per share

Explanation:

The computation is shown below:

1. Earning per share is

= Net income ÷ shares of common stock outstanding

where,

Net income is

= Sales - costs - depreciation expense - interest expense - tax expense

= $664,000 - $326,000 - $70,000 - $45,000 - $49,060

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= (Sales - costs - depreciation expense - interest expense) × tax rate

= ($664,000 - $326,000 - $70,000 - $45,000) × 22%

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= ($46,000) ÷ (26,600 shares)

= $1.73 per share

7 0
3 years ago
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