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Elodia [21]
3 years ago
11

Peterson Company's general ledger shows a cash balance of $7,480 on May 31. May cash receipts of $1,230, included in the general

ledger balance, are placed in the night depository at the bank on May 31 and processed by the bank on June 1. The bank statement dated May 31 shows an NSF check for $110 and a service fee of $80. The bank processes all checks written by the company by May 31 and lists them on the bank statement, except for one check totaling $1,780. The bank statement shows a balance of $7,840 on May 31. Prepare a bank reconciliation to calculate the correct ending balance of cash on May 31. (Amounts to be deducted should be indicated with a minus sign.)

Business
1 answer:
vfiekz [6]3 years ago
4 0

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The preparation of the  bank reconciliation statement on May 31  is presented in the spreadsheet. Kindly find the attachment below:

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Answer:

culture

                               

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6 0
2 years ago
Blue Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber 25% Mi
Alisiya [41]

The estimate of the inventory amounts before the fire is as follows:

Total Inventory  $232,845

Lumber     $159,200

Millwork     $54,270

Hardware   $19,375    

Data and Calculations:

                                       Lumber       Millwork     Hard & Fittings

Gross Markup (%)               25%             30%                 40%

Gross Margin (%)                  20%            23.1%              28.6%

              =                (25%/125%)        (30%/130%)       (40%/140%)

Inventory, Jan. 1         $265,900      $93,470         $45,600

Purchases                  1,544,900       375,100          160,300

Goods available       $1,810,800    $468,570       $205,900

Cost of goods sold    1,651,600       414,300           186,525

Ending inventory     $159,200      $54,270           $19,375      $232,845

<u>Estimating the Cost of Goods Sold:</u>

Sales to Aug. 18       2,064,500      538,590          261,240

Gross profit                  412,900       124,290             74,715

Cost of goods sold  1,651,600      414,300         186,525

Gross profit = Sales x Gross margin

Cost of goods sold = Sales - Gross profit or Sales x (1 - gross margin)

Learn more: brainly.com/question/16752466

6 0
2 years ago
Suppose Firm A has a supply curve of Upper Q Subscript Upper A Baseline equals negative 2 plus p and Firm B has a supply curve o
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Answer:

The total supply can be found by adding individual supply functions as follows:

Qa+Qb = Q

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Q= -2+1.5p where p = $44 therefore;

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Q= 64

Total supply at p = $15

Q= -2+15(1.5)

Q= 20.5

8 0
3 years ago
Does anybody know xxalvinaa
natita [175]
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3 0
3 years ago
Why does a country need good constitution ​
Sergeu [11.5K]

Answer:

<em>The Constitution contains the most important rules of our political system. It protects the rights of the people inside the country, and it explains their obligations. </em>

hope it helps u

and ur welcm

:)

8 0
3 years ago
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