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
NemiM [27]
3 years ago
12

On October 31, Year 1, A company general ledger shows a checking account balance of $8,415. The company’s cash receipts for the

month total $74,440, of which $71,325 has been deposited in the bank. In addition, the company has written checks for $72,485, of which $71,090 has been processed by the bank. The bank statement reveals an ending balance of $12,165 and includes the following items not yet recorded by the company: bank service fees of $210, note receivable collected by the bank of $5,600, and interest earned on the account balance plus from the note of $620. After closer inspection, the company realizes that the bank incorrectly charged the company’s account $540 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.)

Business
1 answer:
lesya [120]3 years ago
3 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 a smooth 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 outstanding deposits is computed below:

= Company cash receipts - bank deposited

= $74,440 - $71,325

= $3,115

And, the outstanding checks is computed below:

= Company written checks - Processed by bank

= $72,485 -  $71,090

= $1,395

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

You might be interested in
Our company reported the following financial numbers for one of its divisions for the year; average total assets of $4,100,000;
mestny [16]

Answer: $193,000

Explanation:

Given that,

Average total assets = $4,100,000

Sales = $4,525,000

Cost of goods sold = $2,550,000

Operating expenses = $1,372,000

Target income = 10% of average invested assets

Net operating income = Sales - Cost of goods sold - Operating expenses

                                     = $4,525,000 - $2,550,000 - $1,372,000

                                     = $603,000

Minimum required return on assets = 10%

Residual income:

= Net operating income - (Minimum required return on assets × Average total assets)

= $603,000 - (10% × $4,100,000)

= $193,000

7 0
3 years ago
Corporate owners earn a return​ ________. A. through interest earnings and earnings per share B. through capital appreciation an
TEA [102]

Answer:

C. By realizing gains through increase in share price and cash divideneds.

Explanation:

For most corporations, the management must strive to ensure the firm is doing well in the market space. Once a company is doing well, it will affect its share price positively on the stock exchange.

An increase in the share price of fim is a gain to the firm and its corporate owners. I.e sharedholders. This means that the value of their investment in the firm has appreciated.

Furthermore, the firm must try to make profit which is one of the reason of being in business. A firm that is making profit will be able to declare same at the end of the financial period, hence corporate holders(shareholders) would be have part in profit declaration through dividened.

7 0
2 years ago
Which method is the most efficient method to use to solve x^2+6x-7=0?
sweet-ann [11.9K]
(x+7)(x-1) = 0 ^x^2 + 6x - 7 = 0x               7x              -1
Its really easy if you think it this way.

7 0
3 years ago
Read 2 more answers
Global reserves of oil, gas, and coal are still abundant. <br> a. True <br> b. False
tiny-mole [99]
I think the answer must be True! Because the scientist are uncertain of how long the resources will be last. Hope it helped you!  Have a great day! :)
3 0
3 years ago
China is a highly efficient manager. This implies that she:________ a. minimizes the amount of input resources without compromis
devlian [24]

Answer:

a. Minimizes the amount of input resources without compromising quality.

Explanation:

Efficiency is when productive resources are measured inorder to achieve goal. Task are performed at its best with the least cost and less energy in measuring efficiency

Effectiveness measures goals completeness selected by managers for the organization. It means doing the right thing as expected of the organization.

For China to be efficient, she must minimize the amount of input resources without compromising quality. An efficient manager must perform a task qualitatively with the available resources, least cost and in the best way possible.

8 0
3 years ago
Other questions:
  • Did toilet paper cause a change in supply or quantity
    9·1 answer
  • Alpha Construction uses dynamite to blast stone as part of a road construction project. Despite following best safety practices
    6·2 answers
  • What is the apr on a loan that charges interest at the rate of 1.4% per month?
    14·1 answer
  • his information relates to Sunland Company for the year 2022. Retained earnings, January 1, 2022 $77,700 Advertising expense 2,0
    15·1 answer
  • One of the biggest advantages of a wiki is that it __________. a. allows companies to conduct market research b. reduces the con
    8·1 answer
  • The demand for lobsters is lower in the spring than in the summer. If the price of lobster is higher in spring than in summer th
    13·1 answer
  • How does PESTLE help your strategic development team?
    5·1 answer
  • The steps in the budgeting process are
    9·1 answer
  • Why do you think an entrepreneur might choose to keep a business small rather than expand it?​
    6·1 answer
  • _________ is a management blueprint for developing a product or service to customers that will generate revenue.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!