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3 years ago

What is the major purpose of a bank reconciliation statement?

1 answer:

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Purpose of a bank reconciliation statement.
A bank reconciliation statement is used to compare your record to those of your bank to see if there is difference between the two sets of records. The ending balance of your version of cash records is known as the book balance while the bank`s version is known as bank balance. It is common for there to be a difference in the two balances. The results to the differences might be due to overdrawn bank account, bounced checks and overdraft fees. It is important for you to check the difference because there might be substantial variance between the amount you think you have and that the bank thinks you have. In some cases the bank may even elect to close down your account.

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Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but onl

Nonamiya [84]

Answer:

A. The market clearing price of the tickets is more than $480.

Explanation:

Market-clearing price is a level where the quantity demanded of a product matches or the quantity supplied. At this price, A product or service does not experience any surplus or shortages. It is the price where the demand curve and the supply curve intersect. The market-clearing price is the same as the equilibrium price.

As the price of $480, the demand for the show is at 6000, but supply is at 4000. There is a surplus in demand. The price of $480 is attractive to more people than supply can handle. Matching supply and demand would require the price to be set above the $480.

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3 years ago

When museums charge a lower admission fee to students and senior citizens, this form of pricing is known as ________. third-degr

stellarik [79]

<span>When museums charge a lower admission fee to students and senior citizens, this form of pricing is known as price discrimination.

Price discrimination is a way of changing the prices for something based on time of day, amounts sold, or who they are sold to. This type of discrimination is done to try and maximize profits in the largest way possible. </span>

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3 years ago

Read 2 more answers

Last year, a toy manufacturer introduced a new toy truck that was a huge success. The company invested $2.50 million in a plasti

aev [14]

Answer:

P= 18

Explanation:

Giving the following information:

Fixed costs= 2,500,000 + 300,000= 2,800,000

Variable costs= 10 per unit

Estimated demand= 100,000 units

Break-even point= fixed costs/(P - variable cost)

100,000= 2800000/(P - 10)

100000*(P - 10)= 2,800,000

100000*P - 1,000,000= 2,800,000

100000P=1,800,000

P= 18

8 0

3 years ago

Open innovation’ can only operate across web-based platforms – true or false?

gizmo_the_mogwai [7]

I am not very sure but I believe that the correct answer is True.

6 0

3 years ago

Elm City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies were received, the accompanyin

-Dominant- [34]

Answer:

$5000

Explanation:

Since Elm City issued a purchase order for supplies with an estimated cost of $5,000, although when the supplies were received, the accompanying invoice indicated an actual price of $4,950, the amount that Elm should credit to encumbrances outstanding in its general fund after the supplies and invoice were received; is $5000

Notice that encumbrances are set aside funds for a purpose, therefore upon ordering, encumbrances balance would increase, and Elm would have passed the following entry

Dr. Encumbrances...$5000

Cr. Fund Balance.....................$5000

Therefore even if the supply came with a shortfall in amount, in order for Elm City to show that the purpose for making that encumbrance has been met, it has to be liquidated by crediting the Encumbrance account by the full amount of $5000

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3 years ago

Read 2 more answers