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Ilia_Sergeevich [38]
3 years ago
7

Palm Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books,

4/30 $4,300 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per the books on April 30 is a.$3,110. b.$2,280. c.$2,450. d.$4,960.
Business
1 answer:
EleoNora [17]3 years ago
6 0

Answer:

D. $4,960

Explanation:

Given cash balance = 4300

Receivable collection = 850

Bank charge = 20

NSF check = 170

Thus,

Adjusted bool balance = Cash balance + receivable collection- bank charge - NSF check

Therefore,

= 4300 + 850 - 20 - 170

= $4,960

So, adjusted cash balance = $4960

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castortr0y [4]

Answer:

Firms need finance to:

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run the business, eg having enough cash to pay staff wages and suppliers on time.

expand the business, eg having funds to pay for a new branch in a different city or country.

3 0
2 years ago
A stadium sold 4000 tickets at 75$/ticket, 5350 tickets at 62$/ticket and, 7542 tickets at 49$/ticket. What was the total ticket
bixtya [17]

Answer:

4000x70=280000

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add that all up to get $981258

Hope this helps!

6 0
3 years ago
the audit working paper that reflects the major components of an amount reported in the financial statement is the
KiRa [710]

The audit working paper that reflects the major components of an amount reported in the financial statement is the Lead Schedule.

<h3>What is the Lead Schedule?</h3>
  • A working document known as a lead schedule lists the specific general ledger accounts that make up a line item in the financial statements.
  • The sum for the related line item in a client's financial statements should match the number on the lead schedule.
  • The general ledger (GL) accounts that are present in each financial statement line item and note disclosure are listed in a lead schedule.
  • Each line item or group of related line items on the financial statement would typically have its lead schedule. The final balance in the financial statements and the sum on the lead schedule should match.
  • The lead schedule gives a list of the contents of each line item. This is a useful starting place for your records.

To learn more about the Audit working paper refer to:

brainly.com/question/13812517

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4 0
2 years ago
Differentiate between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting the preferred method f
Umnica [9.8K]

Answer:

Reason : To ensure constant flow of cash

Explanation:

<u>Accrual Basis of accounting</u> records transactions when they meet definition and recognition criteria of Assets, Liabilities,Equity, Expense and Incomes.

This is different from<u> cash-basis accounting</u> which records transactions at the receipt or payment of cash.

Because of <em>timing</em> difference, the cash transactions (cash basis) can happen a late than the day of recognition of the elements (accrual basis).

Hence Revenue services demand that income tax be calculated on accrual basis to ensure a constant flow of cash whenever an entity transact.

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m_a_m_a [10]

<u>Yes, absolutely.</u>


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