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3 years ago

The following information pertains to Crane Video Company:

Business

1 answer:

Mashutka [201]3 years ago

7 0

Answer:

Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited : ($1,300)

Add Unpresented Cheques $591

Balance as per Bank Statement $7,263

Adjusting Entries

Bank service charge $28 (debit)

Cash $28 (credit)

Cash $700 (debit)

Note - Receivable Crane $700 (credit)

Cash $36 (debit)

Interest Income $36 (credit)

Service Fee $20 (debit)

Cash $20 (credit)

Explanation:

First Update the Cash Book as follows:

<u>Debit :</u>

Cash balance $7,284

Crane $700

Interest $36

Totals $8,020

<u>Credit:</u>

Bank service charge $28

Crane : fee $20

Balance - Up to date $7,972

Totals $8,020

Then, Prepare Bank Reconciliation Statement

Balance at Bank as per Cash Book - Up to date $7,972

Less Lodgements not yet credited : ($1,300)

Add Unpresented Cheques $591

Balance as per Bank Statement $7,263

Adjusting Entries

Bank service charge $28 (debit)

Cash $28 (credit)

Cash $700 (debit)

Note - Receivable Crane $700 (credit)

Cash $36 (debit)

Interest Income $36 (credit)

Service Fee $20 (debit)

Cash $20 (credit)

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Answer:

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3 years ago

On January 2, 2009, L Co. issued at par $20,000 of 4% bonds convertible in total into 1,000 shares of L's common stock. No bonds

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Answer:

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Explanation:

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Now, Interest expense of Bond, After tax = $800 × ( 1 - 50%) = $800 × 0.50

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So, we can calculate the diluted earning by using following formula:

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3 years ago

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3 years ago

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3 years ago

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Explanation:

Given that,

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Beginning inventory = $15,600

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purchase returns and allowances = $1,500

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freight-out = $500

Cost of goods sold = Beginning inventory + purchases - purchases discounts - purchase returns and allowances + freight-in - Ending inventory

= $15,600 + $64,000 - $4,000 - $1,500 + $1,000 - $12,600

= $62500

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