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hodyreva [135]
3 years ago
9

The Tanner Company's April 30 pre-reconciliation cash balance on its books was $35,000. While preparing the April 30 bank reconc

iliation, Tanner determined that outstanding checks total $11,000, deposits in transit total $7,000, and bank service charges are $50. Assuming there are no other reconciling items, what was Tanner's April 30 cash balance per the bank statement?
Business
1 answer:
Natalija [7]3 years ago
6 0

Answer:

$38,950

Explanation:

Given that,

Cash balance on its books = $35,000

Outstanding checks = $11,000

Deposits in transit = $7,000

Bank service charges = $50

Tanner's April 30 cash balance per the bank statement:

= Cash balance in books + outstanding checks - Deposits in transit - Bank service charge

= $35,000 + $11,000 - $7,000 - $50

= $38,950

Therefore, cash balance as per bank statement is $38,950.

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Answer: Please see Explanation for answer.

Explanation:

January 01, 2021:

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Bonds Payable Credit 44,221

Since the bonds were sold at a discount, the entry to record the first interest payment (using straight line amortization of the premium) would be:

Interest expense ($44,221× 6% × 6months/12months ) = $1,326.63 =$1,327

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June 30, 2021:

Interest Expense Debit---$1,326.63 Bonds Payable Credit $77

Cash Credit $1,250

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3 years ago
Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arra
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Answer:

The lease payment will be for $ 113,751.173  during 5 years beginning at the moment the lease is signed

Explanation:

First, we discount the payment at the end of the lease

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Maturity  $150,000

time        5 years

rate        0.06

\frac{150000}{(1 + 0.06)^{5} } = PV  

PV   112,088.7259

Now we subtract form the 620,000 to know the amount to be perceived form the lease payment:

620,000 - 112,089 = 507.911‬

Now we solve  the PMT which makes the annuity-due of 5 payment at the beginning of the period:

PV \div \frac{1-(1+r)^{-time} }{rate} (1+r)= C\\

PV $507,911.0000

time 5

rate 0.06

[tex ]507,911 \div \frac{1-(1+0.06)^{-5} }{0.06}(+0.06) = C\\[/tex]

C  $ 113,751.173

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2 years ago
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, is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a
sergiy2304 [10]

Answer:

Blossom Automotive have long-term debt of <u>$174,321</u>.

Explanation:

This can be estimated using the following accounting equation:

Total Assets = Shareholders' equity + Total liabilities ............... (1)

Where;

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Substituting the relevant values into equation (1) and solve for long-term debt, we have:

$1,182,752 = $824,059 + $184,372 + long-term debt

long-term debt = $1,182,752 - $824,059 - $184,372

long-term debt = $174,321

Therefore, Blossom Automotive have long-term debt of <u>$174,321</u>.

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The correct answer is c
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