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suter [353]
3 years ago
12

The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 14,400 Balance

per company records 12,005 Bank service charges 65 Deposit in transit 2,120 NSF check 780 Outstanding checks 5,360
What is the adjusted balance on the bank reconciliation?
Business
1 answer:
givi [52]3 years ago
8 0

Answer:

$11,160

Explanation:

The computation of the adjusted balance on the bank reconciliation is shown below:

For Bank balance

= Balance per bank + Deposit in transit - Outstanding checks

= $14,400 +$2,120 - $5,360

= $11,160

For book balance:

= Balance per company records - NSF checks - Bank service charges

= $12,005 - $780 - $65

= $11,160

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A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equit
Allisa [31]

Answer:

Balance sheet is the correct answer because it tells about the worth of company, its assets, shareholders funds (Equity) and amount borrowed by the company (Liability). Balance sheet is also known as Statement of Financial Position (SOFP)

All the other options tells about the earnings and costs of the company not about the assets and liabilities of the company.

6 0
3 years ago
Caroline is an artist. She purchases canvas, paints, brushes, and accessories for $75. She sells orn of her original paintings t
liberstina [14]

Answer:

Value added to the gallery will be $3000

So option (C) will be correct answer

Explanation:

We have given that Caroline sells her original painting for $1500 to an art gallery.

And after that her painting was sold to an art lover at cost of $4500

We have to find the value added to the gallery

Value added to the gallery will be equal to difference of price sold to the art lover and cost at which painting is sold to art gallery

So value added to gallery = $4500 - $1500 = $3000

So option (C) will be correct answer

4 0
3 years ago
Your younger sister needs $50 to buy a new bike. She has opened a lemonade stand to make the money she needs. She currently is c
AleksandrR [38]

The correct answer is: "I would recommend her not to increase the price, because with an elastic demand function this will cause a great decrease in the quantity demanded by consumers".

The demand function represents the quantity of a certain good or service that consumers are willing to purchase in the market at different price levels. The law of demand states that there is an inverse relationship between price and quantity demanded (ceteris paribus, hence, given that the rest remains equal). <u>Therefore, when the price charged decreases, the amount that consumers are willing to purchase increases. </u>

In turn, the elasticity of the demand function measures the sensitiveness of the quantity demanded by consumers when there is a certain price change. If the demand function is elastic it means that a price variation would generate an even larger variation (in the inverse direction of course!) in the quantity demanded. <u>This is the case of the lemonade stand therefore the girl should not increase prices because this will not help her to reach her objective quicke</u>r, as she would loss a greater proportion of units sold than the size of the price increase that would have allowed her to earn more per unit.

5 0
3 years ago
Al owned a family high-deductible health policy as part of his MSA for the entire year. What is his maximum permitted contributi
Arte-miy333 [17]
Well according to my calculations and 20+ yrs of experience in business your answer should be 15,000
4 0
3 years ago
A sporting equipment store expects to purchase $7,800 of ski boots in October. The store had $3,800 of ski boots in merchandise
Maksim231197 [3]

Answer:

Cost of goods sold = $8,800

Explanation:

<em>The cost of goods is represents amount incurred to make available  what has been sold. It is computed as follows:</em>

<em>Cost of goods sold = opening stock + purchases - closing inventory</em>

It is useful to determine the cost of goods so as to calculate the gross profit margin. The gross profit is the sales revenue less cost of goods sold.

So we can compute same for the sporting equipment store as follows:

Cost of goods sold = 3,800 + 7,800 - 2,800

= $8,800

Cost of goods sold = $8,800

5 0
3 years ago
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