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g100num [7]
3 years ago
12

Logistics Company had the following items listed in its trial balance at 12/31/2021: Balance in checking account, Bank of the Ea

st $ 352,000 Treasury bills, purchased on 11/1/2021, mature on 1/30/2022 15,000 Loan payable, long-term, Bank of the East 380,000 Included in the checking account balance is $50,000 of restricted cash that Bank of the East requires as a compensating balance for the $380,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents
Business
1 answer:
Varvara68 [4.7K]3 years ago
4 0

Answer:

$317,000

Explanation:

Given that,

Opening Balance in Checking Account = $352,000

Restricted Balance = $50,000

Treasury bill = $15,000

Cash and Cash Equivalent at Year End:

= Opening Balance in Checking Account - Restricted Balance + Treasury bill amount

= $352,000 - $50,000 + $15,000

= $317,000

Therefore, the amount will Logistics include in its year-end balance sheet as cash and cash equivalents is $317,000.

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Attributed sampling states that items being sampled will either or won't possess certain attributes or quantities.

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3 years ago
The graph shows excess demand. A graph titled Excess supply has quantity on the x-axis and price on the y-axis. A line with posi
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The price of goods needs to be increased.

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The balanced scorecard does not use financial or nonfinancial measures. incorporates financial and nonfinancial measures in an i
Evgen [1.6K]

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<em>The correct answer is:</em> incorporates financial and nonfinancial measures in an integrated system.

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6 0
3 years ago
Meir, Benson and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows:
sertanlavr [38]

Answer:

Journal Entry

a) Debit Capital- Benson $138,000 Credit Capital-North $138,000

b) Debit Capital- Benson $138,000 Credit Capital-Schmidt $138,000

c) Debit Capital-Benson $138,000 Credit Bank $138,000

d) Debit Capital-Benson $138,000 Debit Capital-Meir $28,500 Debit Capital-Lau $47,500 Credit Bank $214,000

e) Debit Capital-Benson $138,000 Debit Accumulated Depreciation $23,000 Credit Cash $30,000 Credit Equipment $70,000 Credit Capital-Meir $22,875 Credit Capital-Lau $38,125

Explanation:

a and b are the same with the same amount of capital transferred from one partner to another partner, it is just a matter of derecognizing Benson and recognize North or Schmidt.

c) Partner Benson is paid cash her capital,

d) decrease in meir's Capital = 214,000-138,000 = 76,000*3/8= $28,500

   Decrease in Lau's Capital Account = $76,000 5/8 = 47,500

Excess funds are taken from capitals or income summary account of the partnership which will affect the capitals of the remaining partners

e)  Meir's Capital = $138,000 -(70,000-23,000+30,000)

                            = $138,000-77,000

                           = $61,000*3/8 =$22,875

Lau = $61,000*5/8 =38,125

The Capital Accounts of the remaining partners will increase because of the gain made on buying out the leaving partner.

8 0
3 years ago
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