Answer:
Correct ending balance_______ 7835
Explanation:
Cash 7824
Books
Cash receipts pending on bank__-3218
Checks written_______________1305
Banks
Bank service fee______________-23
Interest earned________________34
Bank conciliation___________--5922
Bank account_______________5922
Balance cash_______________ 7824
Adjust Bank service fee_________-23
Adjust Interest earned___________34
Correct ending balance_______ 7835
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The answer is: addiction to computer, smart phones, and tablet screens
On average, people in America devoted between 10-11 hours to stare on gadget screens. Which means that assuming most people sleep 8 hours a day, we spend around 62.5% of our waking time for the screens. Since it is very hard for people to completely disregard these gadgets, experts had the proper ground to refer to the condition as an addiction.
If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
Given
Sales - 200,000
Goods available for sale - 261,000 (cost) & 450,000 (retail)
First, we need to get the cost of retail ratio. the formula is
Cost to Retail ratio= Cost/ Retail
261,000
CRR= ------------- = 0.58
450,000
Next is to get the ending inventory by following this steps
Cost Retail
Cost of Goods Available for Sale $261,000 $450,000
- Sales $200,000
------------------
Ending Inventory $250,000
x Cost to Retail Ratio .58
------------------
Ending Inventory $145,000
So, the estimated ending inventory for the month of July is $145,000.