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
Degger [83]
3 years ago
13

On October 31, 2018, the bank statement shows that your company has $13,456.73 in its checking account. You are aware of three o

utstanding checks that total of $2,862.19. During October, 2018, the bank rejected two deposited checks from customers totaling $ 779.19 because of insufficient funds and charged you $22.00 in service fees. You had not yet received notice about the bad checks, but you were aware of and have recorded the $22.00 of service fees. Prior to adjustment on October 31, 2018, your Cash account would have a balance of: (Round your answer to 2 decimal places.)
Business
2 answers:
Ymorist [56]3 years ago
6 0

Answer:

$11,373.73

Explanation:

The bank balance does not show or reflect the outstanding checks, and the unadjusted cash account per the company does not reflect the NSF check.

Unadjusted balance per books

Balance as per bank statement $13,456.73

Less outstanding checks $2,862.19

Add rejected deposited checks $779.19

Balance as per Cash book $11,373.73

Therefore Prior to adjustment on October 31, 2018, the Cash account would have a balance of $11,373.73

Phoenix [80]3 years ago
5 0

Answer:

$11,373

Explanation:

Balance as per bank statement               $13,456.73

Unpresented checks                                ($2,862.19)

Dishonored Checks                                   $ 779.19

Balance as per cash book                            $11,373

You might be interested in
The ________ is determined by the amount by which government spending exceeds government revenue in a fiscal year. budget defici
Amiraneli [1.4K]

The answer to this question is Budget Deficit. Budget Deficit shows that the government spending is exceeding the government revenue in a year. In order to resolve the problem in budget deficit the government should cut the expenditures or the government spending and find a way to increase revenue of the country.

8 0
3 years ago
Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numb
tankabanditka [31]

Answer:

The instructions are listed below

Explanation:

- Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

- Direct labor is production or services labor that is assigned to a specific product, cost center, or work order.  

- Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

- Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

- Product costs are the direct costs involved in producing a product. A manufacturer, for example, would have production costs that include: Direct labor, Raw materials, Manufacturing supplies, Overhead that's directly tied to the production facility such as electricity.

Giving the following information:

Factory rent $ 3,110: Product - MOH

Company advertising 1,070: Period

Wages paid to assembly workers 31,700: Product - DL

Depreciation for salespersons’ vehicles 2,150: Period

Screws 560: Product - DM

Utilities for factory 820: Product - MOH

Assembly supervisor’s salary 3,600: Product - MOH

Sandpaper 195: Product - MOH

President’s salary 5,180: Period

Plastic tubing 4,130: Product - MOH

Paint 210: Product - DM

Sales commissions 1,310: Period

Factory insurance 1,120: Product - MOH

Depreciation on cutting machines 2,120: Product - MOH

Wages paid to painters 7,500: Product - DL

3 0
3 years ago
Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $198,000; lan
Irina18 [472]

Answer:

1.Land $163,478

Land Improvement $54,493

Building $145,314

2.Dr Land $163,478

Dr r Land Improvement $54,493

Dr Building $145,314

Cr Cash $363,285

Explanation:

1. Calculation to Allocate the total cost among the three assets

First step is to Add up all expenditure costs Total Expenditure costs =$198,000+$66,000+$176,000

Total Expenditure costs =$440,000

Second step is to divide each expenditure up by the total amount

Land=($198,000/$440,000= 0.45)

Land improvement=($66,000/$440,000= 0.15)

Building=($176,000/$440,000= 0.40)

Now let Allocate the total cost among the three assets

Land=0.45* $363,285

Land = $163,478

Land improvement=0.15*$363,285

Land Improvement=$54,493

Building=0.40*$363,285

Building=$145,314

Total $363,285

($163,478+$54,493+$145,314)

Therefore the total allocation cost among the three assets is:

Land $163,478

Land Improvement $54,493

Building $145,314

2. Preparation of the journal entry to record the purchase

Dr Land $163,478

Dr r Land Improvement $54,493

Dr Building $145,314

Cr Cash $363,285

(To record purchase)

3 0
3 years ago
Suppose that the reserve ratio is 10% when the Fed sells $25,000 of U.S. Treasury bills to the banking system. If the banking sy
andre [41]

Answer:

d $250,000; subtracted from

Explanation:

Sales of U.S. Treasury bills to the banking system by the Fed is a contractionary monetary policy that will reduce the money supply.

Based on the money supply multiplier, the amount of the reduction in money can be calculated as follows:

Amount of reduction in money supply = $25,000 / 10% = $250,000.

Therefore, if the banking system does NOT want to hold any excess reserves, <u>250,000</u> will be <u>substracted from</u> the money supply.

7 0
3 years ago
A journal designed for entering only sales on account is called the
grandymaker [24]
The answer to the question stated above is letter c. <span>sales journal.
</span>
Sales journals<span> are used for recording sales of merchandise on account, it is sometimes termed as credit sales.
 Cash sales are </span>not recorded on <span>Sales journal  because </span><span>they belong in the </span>cash receipts journal.
6 0
3 years ago
Other questions:
  • Which statement best summarizes the role of households in the flow of
    7·2 answers
  • Peter Ittig's department store, Ittig Brothers, is Amherst's largest independent clothier. The store receives an average of 8 re
    15·1 answer
  • What talents or skills do u admire most in others
    11·2 answers
  • Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $207,000 but h
    15·1 answer
  • Nick inherited $150,000, which he immediately invested into a fund that will earn 10% per annum. if interest is compounded semi-
    14·1 answer
  • Assessment
    11·1 answer
  • All of the following statements are true of the soup industry EXCEPT: Select one: a. There is high growth in "convenience" soup
    6·1 answer
  • When recording transactions in two or more accounts and the totals of the debits and credits are equal, it’s called A. debiting.
    9·1 answer
  • Reinhardt Furniture Company has 40,000 shares of cumulative preferred 2% stock, $150 par and 100,000 shares of $5 par common sto
    15·1 answer
  • Which is not a consideration when allocating assets and diversifying? A. Real estate holdings B. Avoiding similar investments C.
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!