Given:
Checking account balance: 3,100.55
Add: note collected 600
deduct:
NSF 60.50
service charge: 12.55 <u> (73.05)</u>
reconciled checkbook bal. 3,627.50
The deposit in transit for 400 was already included in the 3,100.55 balance. That is why it is not included in the reconciliation.
Add $53 to the book balance.
The book balance is the company's cash balance according to its accounting records. Your book balance may include transactions that have not yet been cleared or cleared from your bank account. At the end of the accounting period, the company's book inventory is reconciled with the bank balance via monthly account statements.
Posted book balance is the closing balance (posted funds) reported in the daily close (MT940). Depending on your sending bank's policy, this balance may include unbilled items. The Clearing Balance is the "true" interest-bearing balance available calculated on a given date book balance.
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Answer:
The correct answer is: contribution margin income statement.
Explanation:
The contribution margin income statement organizes costs by behavior and not by function thus it is not used for financial reporting. The variable expenses are deducted from sales to be recorded at a contribution margin. Fixed expenses are subtracted from the net profit obtained at the end of the accounting period.
Answer:
$80,000
Explanation:
Calculation to determine the amount of differential revenue
Using this formula
Differential revenue=Per units*Number of units
Let plug in the formula
Differential revenue=$400 x 200 units
Differential revenue= $80,000
Therefore the amount of differential revenue is $80,000
Answer:
Mortgage clause insurance entitles the mortgages to make payment even when the insured have prejudiced their own rights under the terms of the policy.
Explanation:
A mortgage clause is one in which the property insurance policy states that the company of property insurance will pay out the claims to both the parties that is mortgagor (mortgage holder) and the mortgagee (mortgage lender).
It serves the purpose or objective of making sure that the parties will not suffer the losses who give mortgage loans if something happens to the property which is mortgage is for.
