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kondor19780726 [428]
3 years ago
14

Kornett Company during its first fiscal year ended December 31, 2016, Journalize the selected transactions, starting on page 21

of the journal.*
2. Based on the following data, prepare a bank reconciliation for December 2016. Refer to the Labels and Amount Descriptions list for exact wording of text entries. Enter all amounts as positive numbers.
• Balance according to the bank statement at December 31, $283,000.
• Balance according to the ledger at December 31, $245,410.
• Checks outstanding at December 31, $68,540.
• Deposit in transit, not recorded by bank, $29,500.
• Bank debit memo for service charges, $750.
• A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company on page 23 of the journal. Kornett Company uses the Miscellaneous Administrative Expense account for bank service charges.
4. Based on the following selected data, journalize the adjusting entries as of December 31, 2016 on page 23 of the journal:
• Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).
• The physical inventory on December 31 indicated an inventory shrinkage of $3,300.
• Prepaid insurance expired during the year, $22,820.
• Office supplies used during the year, $3,920.
• Depreciation is computed as follows:
Business
1 answer:
weqwewe [10]3 years ago
3 0
I'll answer number 2 and 3. 

Bank Reconciliation:
Bank statement Balance:                          283,000
Add: Deposit in Transit                                 29,500
Deduct: Checks Outstanding                 <u>   (68,540)
</u>Adjusted Bank Statement Balance        243,960
<u>
</u>Book Reconciliation:
Ledger Balance:                                          245,410
Deduct:
Bank debit memo for service charge             (750)
Understatement of issued check            <u>         (700)</u>
Adjusted Book Statement Balance        243,960

3. Adjusting entries on Book reconciliation.
Miscellaneous Admin. Expense acct for bsc.     750
                    Cash in Bank                                                         750

*Assuming that accounts payable was the account used in the set up of the invoice.
Cash in Bank                                                          12,000
                     Accounts Payable                                           12,000

Accounts Payable                                                   12,700
                     Cash in BAnk                                                    12,700
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Answer:

Instructions are below.

Explanation:

Giving the following information:

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Suppose Stark Ltd. just issued a dividend of $1.59 per share on its common stock. The company paid dividends of $1.25, $1.33, $1
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Answer:

The answer is below

Explanation:

a) The dividend growth rate is given as D2/D1 - 1

Year            Dividend                        Growth rate

1                    $1.25                            

2                   $1.33                       ($1.33/ $1.25 - 1) 6.4%

3                   $1.4                          ($1.4/$1.33 - 1) 5.26%

4                   $1.51                         ($1.51/$1.4 -1)  7.86%  

       

The arithmetic average growth rate is the average of all the growth rates.

Arithmetic average growth rate = (6.4% + 5.26% + 7.86%) / 3 = 6.51%

The cost of annuity = (cost of common stock / Selling stock price) * 100% + Average growth rate

The cost of annuity = ($1.59 / $40) * 100% + 6.51% = 10.49%

b) The geometric growth rate is given as:

geometric average growth rate =

(\frac{D_n}{D_o} )^{\frac{1}{n} }-1\\D_n=1.51,D_o=1.25,n=3\\\\Geometric\ growth\ rate=\frac{1.51}{1.25}^{1/3}-1=6.5\%

The cost of annuity = ($1.59 / $40) * 100% + 6.5% = 10.48%

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Answer:

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The Marginal Cost Curve touches the Average Total Cost curve at its lowest.

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