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
Olin [163]
3 years ago
8

Harris Company had checks outstanding totaling $4,948 on its May bank reconciliation. In June, Harris Company issued checks tota

ling $41,405. The June bank statement shows that $25,688 in checks cleared the bank in June. A check from one of Harris Company's customers of $348 was also returned marked "NSF." Determine the amount of outstanding checks on Harris Company's June bank reconciliation. Select the correct answer. $20,665 $67,093 $20,740 $20,317
Business
2 answers:
Elis [28]3 years ago
7 0

Answer:

$20,665

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items. These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

To reconcile the two balance moving from the bank statement balance to the cash account balance;

The amount of outstanding checks on Harris Company's June bank reconciliation is the net to amount of checks cleared and the total of checks written. This amount

= $4,948 + $41,405 - $25,688

= $20,665

The Company's customers of $348 was also returned marked "NSF is a part of the outstanding checks.

daser333 [38]3 years ago
4 0

Answer:

The correct option is A,$20,665

Explanation:

The amount  to be shown as outstanding checks  is made up of the opening outstanding checks plus the checks issued in the current month less checks cleared by the bank in the current month.

Opening balance of outstanding checks is $4,948

Checks in current month                               $41,405

Checks cleared by the bank                         ($25,688)

Checks outstanding at month end                $20,665

The status of the check returned marked non-sufficient funds still remains the same and cannot be deducted from the computation above until  it is finally cleared by the bank or written back to the cash account without reissuing another check in the name of the same beneficiary.

You might be interested in
Garret is an undergraduate looking for a job to pay for college. As Garret seeks employment, he is glad to know that he will be
bogdanovich [222]

Answer:

Price floor.

Explanation:

Price floor is perfect fit in the scenario given. As price floor is the legal minimum price fixed by government to protect the right of labor or work force from getting expolited at lower price, which will not fulfill the basic need of labor. It vary according to the region or place, such as rural or urban, depending on the cost of living in the region. It help the economy to have growth with equity.

5 0
3 years ago
What does it mean to say​ that, at an exchange rate of 1 USD​ = 40 ​INR, the U.S. dollar is undervalued and the Indian rupee is
GenaCL600 [577]

Answer:

The US dollar is worth more value than INR.

Explanation:

The US dollar is worth more value than INR under flexible exchange rate system, quantity of dollar supplied exeed the quantity of dollar demanded. There are multiple factors which affect the valuation of currency. One of the factor is purchasing power parity, as it show the strength of domestic economy. Inflation is another factor affecting the currency of the nation, higher inflation rate lead the value of currency go down.

7 0
3 years ago
A(n) ____ is the transfer of the control of operations and management from one firm to another with the former becoming a unit o
olya-2409 [2.1K]

Answer:

acquisition

Merger

Explanation:

Acquisition is when a company purchases almost all the shares of another company in order to have full control over it. For companies that are distressed or are not able to operate as a going concern, such can put up the company for sale.

In acquisition, the buying company oftentimes retain its name which is already a brand , work and build on the strength of the old company in order to achieve returns. Companies acquire other companies in order to have large market shares and also to diversify their business operation.

One of the benefit of acquisition is that it gives room for fresh ideas due to coming together of different people and also brings people that are experts in their various fields.

Merger is when two or more firms comes together to form a single entity.

Companies or firm merge in order to form an alliance and also send strong signals to other competitors.

Firms also merge in order to increase their financial capacity. This will enable them to be able to finance their business operations. They are also able to increase their asset base as a result of the merger.

4 0
3 years ago
In 2002, Mattel decided to manufacture all of its toys such as Barbie, Fisher-Price, Sesame Street, and Disney overseas in self-
Alchen [17]

Answer:

Sounds like Mattel was marketing to younger kids who watched shows such as Sesame Street, and Disney younger kids tend to have more toys so marketing to a young childs favorite tv show could cause the kid to throw a tantrum for this toy and or want the toy more.

Explanation:

7 0
4 years ago
A firm currently employs four workers in a sandwich shop, and produces sandwiches at a total cost per sandwich (ATC) of $3. The
tatuchka [14]

Answer:

all are correct A, B and C

Explanation:

The marginal cost hiring another worker and producing a sandwich = $5.50 per sandwich, which is higher than the marginal revenue.

If the selling price per sandwich is $5 and the marginal cost per sandwich is $5.50, the firm will lose $0.50 for every sandwich that it sells.

Therefore the firm would be losing money is they hire an extra worker.

In order to maximize the profit, the marginal cost = selling price.

5 0
3 years ago
Other questions:
  • Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by custom
    8·1 answer
  • At the completion of the project, the working capital will be released for use elsewhere. Compute the net present value of the p
    13·1 answer
  • What was the stated purpose of the Food Administration during the Great War? A. It was to set up food banks for Americans B. It
    11·2 answers
  • Which of the following refers to the strategic process of distributing, promoting, and pricing products, and discovering the des
    8·1 answer
  • Advertisements are paid for by whom?
    6·2 answers
  • Richards Corporation had net income of $166,152 and paid dividends to common stockholders of $48,100. It had 51,600 shares of co
    6·1 answer
  • Provide some of your thoughts on what “dress for success” means to you, and give some examples
    8·1 answer
  • Northern Wood Products is an all-equity firm with 17,500 shares of stock outstanding and a total market value of $357,000. Based
    5·1 answer
  • The Outlet Mall has a cost of equity of 16.8%, a pretax cost of debt of 8.1%, and a return on assets of 14.5%. Ignore taxes. Wha
    9·1 answer
  • Through (2, - 5) perpendicular 10 3y=x-6
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!