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4 years ago

Bank Reconciliation

Business

1 answer:

Karo-lina-s [1.5K]4 years ago

5 0

Answer:

Cash balance according to the bank $23,557.98

+ deposits in transit $12,125.25

- outstanding check N⁰ 124 ($62)

- outstanding check N⁰ 125 ($42)

- outstanding check N⁰ 129 ($1,250)

adjusted bank balance = $34,329.23

Cash account balance $51,596.88

+ note collected by bank $15,250.75

- NSF check ($23,475.40)

- Bank fees ($250)

- Error in recording check N⁰ 125 ($9,000)

adjusted cash account balance = $34,122.23

two errors were detected:

outstanding check N⁰ 125 correct amount is ($24)
bank fees are $25

so the readjusted balances are:

adjusted bank balance = $34,329.23 + ($42 - $24) = $34,347.23

adjusted cash account balance = $34,122.23 + ($250 - $25) = $34,347.23

now both accounts are equal.

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ivann1987 [24]

Answer:

(a) "Cost of living" index decrease by 14.42% between 2018 and 2019.

(b) "Cost of living" index increase by 30.73% between 2018 and 2020.

Explanation:

Note: See the attached excel file for the calculations of the "cost of living" index for eash of 2018, 2019, and 2020 using 2018 as the base year.

(a) by how much does a "cost of living" index increase between 2018 and 2019.

Cost of living index in 2018 = 100%

Cost of living index in 2019 = 85.68%

Increase (decrease) in cost of living index = Cost of living index in 2019 - Cost of living index in 2018 = 85.68% - 100% = (14.42%)

Therefore, "cost of living" index decrease by 14.42% between 2018 and 2019.

(b) by how much does a "cost of living" index increase between 2018 and 2020.

Cost of living index in 2018 = 100%

Cost of living index in 2020 = 130.73%

Increase (decrease) in cost of living index = Cost of living index in 2020 - Cost of living index in 2018 = 130.73% - 100% = 30.73%

Therefore, "cost of living" index increase by 30.73% between 2018 and 2020.

(c) by how much does a "cost of living" index increase between 2019 and 2020

Cost of living index in 2019 = 85.68%

Cost of living index in 2020 = 130.73%

Increase (decrease) in cost of living index = Cost of living index in 2020 - Cost of living index in 2018 = 130.73% - 85.68% = 45.05%

Therefore, "cost of living" index increase by 45.05% between 2018 and 2020.

Download xlsx

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3 years ago

Which type of insurance is most likely classified into categories such as term, whole, and variable?

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Life insurance is most likely classified into categories such as term, whole and variable. It is classified into categories because of their contracts where they issue policies that will benefit an individual, a set of people or even a whole with their given categories.

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3 years ago

The junior class at Summerfield High School sold a total of 375 tickets for their spring festival. The adult tickets sold for $7

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The number of student's ticket sold is 200.

Two equations can be gotten from the question:

a + b = 375 equation 1

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Where:

a = number of adult ticket sold

b = number of children's ticket sold

In order to determine the value of b, multiply equation 1 by 7.5

7.5a + 7.5b = 2812.50 equation 3

Subtract equation 2 from 3

3b = 600

Divide both sides by 3

b = 600 / 3

b = 200

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2 years ago

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b

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Answer:

E) $14,837

Explanation:

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A manufacturer of fine pens produces in two plants. The total cost of producing in

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If the manufacturer of the fine pens is minimizing costs, it will produce the 60 pens at the first plant, incurring a total cost of $3,900, which is detailed as follows:

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Fixed costs at second plant (opportunity costs) = $200

Data and Calculations:

Total production cost in first plant = TC1 = y₁²+ 100.

Total production cost in second plant = TC2=y₂³ +200

Where:

y₁ = number of pens produced in the first plant

y₂ = number of pens produced in the second plant

Total cost of producing at the first plant = $3,900 (60² + 100) + 200

Total cost of producing at the second plant = $216,200 (60³ + 200)

Thus, if the firm produces 60 fine pens, and <em>wants to minimize costs</em>, it will produce the 60 fine pens at the first plant with a total cost of $3,900 (60² + 100) + 200, instead of producing the 60 fine pens at the second plant with a total cost of $216,200 (60³ + 200) or even any part of the fine pens.

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