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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:

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Answer:

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Explanation:

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For projects to be successful, one needs to find a way in which the resources going into the project are dealt with in such a way that the direction of the project is in line with the project goals. This is what is defined as project management and it has different phases. The phases of project management are;

1. Initiating: this deals with the planning phases of the project where the goals are set and the project needs are determined. This phase deals with determining the procedure for project execution.

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4 0
3 years ago
Cion 3
Natali [406]

Answer:

i think c

Explanation:

...hope this helps?

3 0
3 years ago
What is a delivery gap?
sertanlavr [38]

A delivery gap is,

a. the difference between a firm's service standards and the actual service it provides

- Mabel <3

7 0
3 years ago
The Outlet needs to raise $3.2 million for an expansion project. The firm wants to raise this money by selling zero coupon bonds
Pani-rosa [81]

Answer:

14,783.33 bonds

Explanation:

Given

Par value FV = $1000

n =20 * 2 =40

R= 7.80/2 = 3.90%

Price per bond:

price per bond :PV = \frac{FV/}{(1+r)^n}

     = \frac{000}{(1+0.039)^{40}}

      = \frac{1000}{4.619786467}

      = 216.46

No. of bonds to be issued = \frac{amount to raise}{ price per bond}

                                           = \frac{3,200,000}{216.46}  

                                            = 14,783.33 bonds

3 0
3 years ago
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kicyunya [14]

Answer:

Sales promotion

Explanation:

Sales promotion is a marketing strategy of stimulating the demand for a product by offering attractive incentives to customers or retailers.  Sales promotion aims at increasing the sales volumes of a product. It involves the use of persuasive tactics to convince the customer to buy. The effects of a sales promotion are usually short-term but may lead to the acquisition of long term customers. Some of the sales promotions commonly used include

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4 0
3 years ago
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