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Zarrin [17]
3 years ago
10

Using the following information: The bank statement balance is $3,480. The cash account balance is $3,535. Outstanding checks am

ounted to $796. Deposits in transit are $729. The bank service charge is $113. A check for $40 for supplies was recorded as $31 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31.
Business
1 answer:
Assoli18 [71]3 years ago
5 0

Answer:

Preparation of bank reconciliation is shown Below:-

Explanation:

                                     Miller co.

                            Bank Reconciliation

                                      Aug-31

Cash Balance according to bank statement     $3,480

Add: Deposits in transit not recorded by bank  $729

Balance                                                                  $4209

Less: Outstanding checks                                    $796

Adjusted balance                                          $3,413

Cash Balance according to company's records $3,535

Less: Bank service charge                       $113          

Error in recording                                        $9         $122

Adjusted balance                                                      $3,413

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Individuals and business organizations that buy finished goods and resell them to make a profit without changing the physical ch
marysya [2.9K]

Answer: reseller markets

Explanation: In simple words, re-sellers refers to the buyers buying certain goods with the intention of selling them to anyone else. There are suppliers, retailers and distributors on the re-seller trade.

Re sellers can constrain their acquisitions to one product or company or offer a variety of brands and products.

These are the part of supply chain which makes their profit by adding value in the goods in form of providing any kind of service. For example the retailer provides commodities near the customer place hence charges extra for the time saving customer.

4 0
3 years ago
On January 1, 2021, Dean Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called
adell [148]

Answer:

c. interest expense of $107,361 and depreciation expense of $89,468.

Explanation:

The computation is shown below

The interest expense on lease is

= 8% of $1,342,016

= $ 107,361

ANd, the depreciation expense is  

= (present value of lease payments at the closing of 10 years) - (salvage value) ÷ life of the asset

= ($1,342,016 - $0) ÷ 15 years

 = $89,468

Hence, the option c is correct

6 0
3 years ago
In order to reduce the possibility that a technological paradigm shift will render your skills obsolete, you should
KIM [24]

Answer:

a. Encourage others to keep their skill sets current

b. Try to keep your company from adopting new technology

Explanation:

Continuous updating and upgrading one's skills is a sure way of remaining relevant in a rapidly changing work environment. Many organizations are always seeking ways of modernizing their work processes. As companies adopt technology to enjoy increased efficiency, workers without matching skills are declared redundant.

Continuous training and learning are necessary to reduce the possibility of one's skill being declared obsolete. To survive in the new technology era, a worker and his colleagues can embrace and learn to work with new technology or work hard to prevent their company from acquiring it.

3 0
3 years ago
Read 2 more answers
During the year 2018, Swifty Company earned revenues of $90100, had expenses of $56200, purchased assets with a cost of $9000 an
vlada-n [284]

Answer:

$33900

Explanation:

Revenues for the year 2018 = $90100

Expenses for the year 2018 = $56200

Use Following formula to calculate Net Income

Net Income = Revenue for the year 2018 - Expenses for the year 2018

Net Income = $901,000 - $562,000

Net Income = $339,000

Net income for the year is $33900. Purchase asset are included in the asset section of balance sheet and dividend payment is deducted from the retained earning balance.

4 0
3 years ago
Relative-price variability Group of answer choices rises with inflation, leading to an improved allocation of resources. rises w
LekaFEV [45]

Answer:

Correct option is <u>rises with inflation, leading to an improved allocation of resources </u>

Explanation:

Relative price variability has a direct relation with Inflation and an increase in Inflation leads to increased relative price variability and effective resources allocation.

7 0
3 years ago
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