1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
prohojiy [21]
3 years ago
14

Based on the following information, what amount would be subtracted from the bank balance side of a checking account reconciliat

ion? Service charge $41, Outstanding checks $295, Interest $12, Deposit in transit $870.
Business
1 answer:
vovangra [49]3 years ago
4 0

Answer:

The answer is is outstanding checks of $295

Explanation:

Bank reconciliation is the practice of reconciling balance per general ledger cash book at bank account and balance per bank statement.

Most times there are discrepancies because what might have been debited at month end might not have been recorded by the business due to delay in bank sending message or what might have been recorded in the general ledger cash bank account might not have been recorded by the bank maybe due to downtime problem.

As per bank balance side of bank reconciliation, unpresented check(outstanding checks) will be deducted from the balance per bank statement because this has already been recorded by the business ( reduction in balance per general cash at bank account). What can cause this might be delay in suppliers presenting it to the bank for that month. So outstanding checks of $295 will reduce balance per bank statement

Interest, service charge will be on bank statement already because it is directly charged by the bank but might not be on the ledger cash bank account.

Deposit in transit of $870 will increase balance per bank statement

You might be interested in
If the actual labor rate exceeds the standard labor rate and the actual labor hours exceed the number of hours allowed, the labo
vladimir2022 [97]

Answer:

Option D

Explanation:

As both, the actual rate and actual hours exceed the standards rate and standard hours, both rate and efficiency variance will be unfavorable.

And considering that if the actual labor rate exceeds the standard labor rate and if the actual labor-hours exceed the number of hours allowed, the total labor flexible budget variance will be unfavorable. As the variance is the difference between the Standard Cost and Actual Cost. So if both Standard rate & Standard hrs. are more than actual rate & actual hrs., Actual cost will be more than standard cost i.e. the variance will be unfavorable

Option d is correct

8 0
3 years ago
A person who wants to cash his paycheck is advised to go to his bank rather than to a check cashing store because check cashing
Marianna [84]
<span>Often take a commission for their service. The commission could be a flat rate or a percentage of the check. Generally banks do not charge their customers to cash checks. A bank may charge a small fee to cash a check if the person is not their customer.</span>
3 0
3 years ago
Economic Ordering Quantity (EOQ). The Gentry Garden Center sells 100,000 bags of lawn fertilizer annually. The optimal safety st
GalinKa [24]

Answer:

1. Annual demand ( D) = 100,000 bags

Ordering cost per order (Co) = $15

Holding cost per item per annum (H) = 15% x  $2 = $0.30

EOQ = √<u>2DCo</u>

                H

EOQ = √<u>2 x 100,000 x $15</u>

                  0.30

EOQ = 3,162 units

2. Maximum inventory

   = Safety stock + EOQ

   = 1,500 + 3,162

   = 4,662 units

3. Average inventory

   = EOQ/2

   = <u>3,162</u>

         2

   = 1,581 units

4. Number of order

   = <u>Annual demand</u>

            EOQ

   = <u>100,000</u>

        3,162

  = 32 times

       

Explanation:

EOQ is the square root of 2 multiplied by annual demand and ordering cost per order divided by  holding cost per item per annum.

Maximum inventory is the aggregate of safety stock and EOQ.

Average inventory is economic order quantity divided by 2

Number of order is the ratio of annual demand to economic order quantity.

3 0
3 years ago
As the video showed, there are many people who are so concerned about the viability of banks, and indeed the entire financial sy
sergeinik [125]
Hard question thx for the points give me brainlest points plz
6 0
3 years ago
Which of the following is not a reason to chose a community college?
anzhelika [568]

C. Or at least that seems to be the most likely. There are only two similar possible answers which is normally a clue that one of them is wrong and you should be choosing based off how it will benefit you not how it is easier on you.

Hope this helps!

3 0
3 years ago
Read 2 more answers
Other questions:
  • P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Inc., is develop
    12·1 answer
  • Mila is at a flea market.
    8·2 answers
  • In 1626, Peter Minuit of the Dutch West India Company paid $24 to purchase Manhattan Island in New York. In retrospect, if Mr Mi
    15·1 answer
  • Your estimate of the market risk premium is 9​%. The​ risk-free rate of return is 3.7​% and General Motors has a beta of 1.7. Ac
    10·1 answer
  • What term refers to the process in which two or more parties make offers, counteroffers, and concessions in order to reach an ag
    5·1 answer
  • McRae Corporation's total current assets are $460,000, its noncurrent assets are $560,000, its total current liabilities are $38
    6·1 answer
  • What is the par or stated value per share of apple's common stock? what percentage of apple's authorized common stock was issued
    9·1 answer
  • Variable manufacturing overhead is applied to products on the basis of standard direct labor-hours. If the labor efficiency vari
    11·1 answer
  • Match each term with the correct definition.
    5·1 answer
  • . Which one of the following businesses would be the most difficult to get funding for?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!