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Brilliant_brown [7]
3 years ago
14

Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank stat

ement shows $29,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3,650 Outstanding checks 1,431 Additionally, a $49 check correctly written and recorded by the company was recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be: Multiple Choice $31,580 $31,535 $34,487 $31,625 $24,325
Business
1 answer:
fredd [130]3 years ago
6 0

Answer: $31,625

Explanation:

To find out the adjusted cash balance per the bank records we will do the following,

First we'll add the deposits in transfer as the bank account already has those,

= 29,361 + 3,650

= $33,011

The bank incorrectly increased a check issued to $94 from $49 so we add the difference to above amount

= 33,011 + (94 - 49)

= $33,056

Then finally we subtract the outstanding checks.

= 33,056 - 1,431

= $31,625

The adjusted cash balance per the bank records should be $31,625.

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1. Over the past year, a customer has surrendered, in whole or in part, three life insurance policies. If part of a money launde
Thepotemich [5.8K]

Answer:

It represents the Integration stage

Explanation:

Money laundering is an illegal chain of activities done by individuals or corporate bodies to change the status of money gotten through a criminal activity into legitimate money. This chain of activities starts with the Placement stage then transforms into the Layering stage, then ends when it is already integrated into the legitimate financial system through the Integration stage.

After the money launderer conceals the illegal money through bank deposits or purchasing a life insurance policy at the Placement stage, the launderer then proceeds to further break the money into smaller amounts to evade suspicion by numerous transactions and bank deposits at the Layering stage, which is then ended by partial or whole surrenders of life insurance policies to make it now legitimate money.

3 0
2 years ago
Indicate the missing amount for each letter.
ExtremeBDS [4]

Answer:

Follows are the solution to this question:

Explanation:

                                                       Case 1

                                      Production cost of goods

Work is under way, start                                                            1510

Material direct                                     9780

Labor Direct                                        5950

Overhead production                        8870

Total cost of production                                           24600  

Total work costs under way                                     26110

Less: Finishing job in phase                                       8140

Generated cost of goods                                          17970

7 0
2 years ago
The following data are for the Akron Division of Consolidated Rubber, Inc.: Sales $ 820,000 Net operating income $ 59,000 Averag
VladimirAG [237]

Answer:

11.56%

Explanation:

The computation of the minimum required rate of return is shown below:

Residual income = Net operating income - (Average operating assets × minimum required rate of return)

$22,000 = $59,000 - ($320,000 × minimum required rate of return)

After solving this the minimum required rate of return is 11.56%

By applying the above formula we can find out the minimum required rate of return

7 0
2 years ago
2. Skip and Peggy are brother and sister and they fight about everything. Skip says that perfectly competitive firms maximize pr
finlep [7]

Answer: They are both right.

Explanation:

Firms in every market will always maximise profit where their Marginal Revenue equals Marginal Cost because at this point, resources are being fully utilized. This is therefore no different in a Perfectly competitive market so Skip is correct.

Peggy is also correct however because in a Perfectly Competitive market, the demand curve is perfectly elastic. This creates a situation where the Price, Marginal Revenue and Average Revenue are all the same and represent the demand curve as well.

With the Price being the same as the Marginal Revenue in a Perfectly competitive firm, that means that where the Price equals Marginal Cost is where the Marginal Revenue equals Marginal Cost as well so indeed perfectly competitive firms maximize profit where price equals marginal cost.

5 0
3 years ago
On its December 31, 20X5 balance sheet, Shin Co. has income tax payable of $13,000 and a current deferred tax asset of $20,000,
mariarad [96]

Answer:

$10,000

Explanation:

To calculate income tax expense we must add income liability for the year, minus the changes in deferred tax accounts and add the change in value for deferred tax assets.

income tax expense = $13,000 - ($20,000 - $15,000) + ($20,000 x 10%) = $13,000 - $5,000 + $2,000 = $10,000

3 0
3 years ago
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