In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.
<h3>What is cash in a bank in accounting?</h3>
- Cash in Bank refers to the current balance in checking or savings accounts or other accounts of a similar nature held in the name of the company or business requesting the certificate. Do not include amounts from personal bank accounts or retirement accounts.
- Every month, the bank will normally send the account holder an official bank statement that lists all of the transactions that occurred on the account that month. Account information can be found on bank statements, including account numbers and a thorough list of deposits and withdrawals.
- There are three different forms of accounting transactions based on the exchange of money: cash transactions, non-cash transactions, and credit transactions.
In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.
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Answer:
$27,000
Explanation:
The following costs were incurred by Smith's company during the month of March
Direct labor $53,000
Indirect labor 18,000
Salary of corporate vice president for advertising 25,000
Direct materials 48,000
Indirect materials 4,000
Interest expense 7,500
Salary of factory supervisor 3,000 Insurance on manufacturing equipment 2,000
Therefore the actual manufacturing overhead for March can be calculated as follows
= Indirect labour + indirect materials + salary of factory supervisor + insurance on manufacturing equipments
= $18,000 + $4,000 + $3,000 + $2,000
= $27,000
Hence the actual manufacturing overhead for March is $27,000
Answer:
Cheryl's net worth is;
c). $5,000
Explanation:
The net worth is the value of an individual taking into account all the individual's assets and liabilities. It is a holistic view on the value of an individual. It is also used to estimate the value of a company, corporation and even countries. It is one of the standard measures used to gauge an entity's wealth. The net worth can be calculated by taking the difference between assets and liabilities. An asset is anything of economic value that is owned by an entity while a liability is anything of economic value that is owed.
The following formula can be used to estimate Cheryl's net worth;
N=A-L
where;
N=net worth
A=assets
L=liabilities
In our case;
N=unknown to be determine
A=Automobile+checking account
Automobile=$10,000 and checking account=$5,000
A=10,000+5,000=$15,000
L=student loan+car loan
student loan=$2,000
car loan=$8,000
L=2,000+8,000=$10,000
replacing;
N=15,000-10,000=$5,000
Cheryl's net worth=$5,000
Answer:
C. Private jets to people.
Explanation:
Personal selling refers to a strategy in which the sales people meet with the customer to convince him/her to buy the product. This strategy is used when the goods of services are costly or technical. According to this, the answer is that a manufacturer that sells private jets to people is most likely to employ personal selling because it is an specialized and costly product that requires to meet the customer to be able to explain everything and encourage him/her to make the purchase.
The other options are not right because they are cheaper products and don't require the sales people to meet with the customer to be able to sell them.
Answer:
Monthly installment = $2,202.17
Explanation:
<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.
</em>
The monthly installment is computed as follows:
Monthly installment= Loan amount/annuity factor
Loan amount = 200,000
Annuity factor = (1 - (1+r)^(-n))/r
r -monthly rate of interest, n- number of months
r = 1% = 0.01, n = 20× 12 = 240
Annuity factor = ( 1- 1.01^(-240) )/0.01
= 90.81941635
Monthly installment = 200,000/90.819
= 2,202.172
Monthly installment = $2,202.17
