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3 years ago

Prepare a bank reconciliation as of October 31 from the following information:

Business

1 answer:

kakasveta [241]3 years ago

3 0

Answer:

Bank Reconciliation Statement as of October 31

Particulars Amount Particulars Amount

Balance as per bank $350 Balance as per books $806

Add: Late deposit $433 Less: Returned checks $80

Less: Outstanding check $66 Less: Error recordings $9

($24+$42) ($65-$56)

Reconciled Balance $717 Reconciled Balance $717

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Why did the housing market crash in 2008

Komok [63]

Because the banks were down

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3 years ago

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Morgan Manufacturing recently sold goods that cost $35,000 for $45,000 cash. The journal entries to record this transaction woul

Alex777 [14]

Answer:

The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.

Explanation:

When Morgan Manufacturing sold goods, the company should make two journal entry to record Cost of goods sold and Sales revenue.

The entries:

1. Debit Cost of goods sold $35,000

Credit Finished-Goods Inventory $35,000

2. Debit Cash $45,000

Credit Sales revenue $45,000

The journal entries to record this transaction would include: E. a credit to Sales Revenue for $45,000.

4 0

3 years ago

Chou Co. has a net income of $43,000, assets at the beginning of the year are $250,000 and assets at the end of the year are $30

Scrat [10]

Answer:

15.64%

Explanation:

Return on Assets = $\frac{Net Income}{Average Total Assets}$

= $\frac{43,000}{(250,000 + 300,000)/2} = \frac{43,000}{275,000}$

= 0.1564

= 15.64%.

7 0

3 years ago

If a small company invests its annual profits of $150,000 in a stock fund which earns 18% per year, the amount in the fund after

kenny6666 [7]

Answer:

the amount in the fund after 10 years will be $785,075.04

Explanation:

The computation of the amount after 10 years is shown below"

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $150,000 × (1 + 0.18)10

= $785,075.04

Hence, the amount in the fund after 10 years will be $785,075.04

5 0

3 years ago

A company is considering an iron ore extraction project that requires an initial investment of and will yield annual cash inflow

Murrr4er [49]

Answer: D. 15%

Explanation:

The IRR is the discount rate that will make the Net Present Value to be 0.

In other words, the IRR is the discount rate that will make the cash inflow from the investment to be equal to the investment amount.

As the cashflow is constant, it is an annuity and so can be calculated by the Present Value Interest Factor.

Investment cost = $1,100,000

Using the options given;

Discount rate - 14%

Present Value of Cash inflow = 676,507 * Present Value of Annuity factor, 14%, 2 years

= 676,507 * 1.647

= $1,114,207.029‬

1,114,207.029‬ ≠ 1,100,000

Discount rate - 15%

Present Value of Cash inflow = 676,507 * Present Value of Annuity factor, 15%, 2 years

= 676,507 * 1.626

= $1,100,000.382‬

= $1,100,000‬

IRR is 15% as Present value of Cash inflow is equal to Investment cost at a discount rate of 15%.

8 0

3 years ago