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Zigmanuir [339]
3 years ago
10

Spielberg Company's general ledger shows a checking account balance of $22,970 on July 31, 2021. The July cash receipts of $1,88

5, included in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The bank statement dated July 31 shows bank service fees of $55. The bank processes all checks written by the company by July 31 and lists them on the bank statement, except for one check totaling $1,460. The bank statement shows a balance of $22,490 on July 31.
Prepeare a bank reconciliation to calculate the correct ending balance of cash on July 31, 2021.
Business
1 answer:
zhuklara [117]3 years ago
3 0

Answer:

Debit Balance as per Cash Book - i - ii + iii = Credit Balance as per Passbook.

Explanation:

Bank Reconciliation Statement is a statement drawn at the end of accounting period, to adjust the mismatch between bak balance as per cashbook & passbook.

Debit Balance as per Cash Book = $ 22970

Less : Receipts added in cashbook, but not passbook = (1885)

Less : Bank service fee deducted from passbook, not cashbook = (55)

Add : Cheques written but not deducted from passbook = 1460

Credit Balance as per passbook = $ 22490

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jasenka [17]

Answer:

Explanation:

a. Parties who legally own the company

The kind of corporation that is owned by the shareholders is a stock insurer. While when policy holders elect board of directors then that is call a mutual insurer. This board of director enjoys control over the management control of the corporation.

b. Right to assess policyholders additional premiums

An asses sable policy can not be issued by the stock insurers, however policy of such kind can be issued by the mutual insurer. For mutual insurer, this policy depends on what kind of insurer is in place.

c. Right of policyholders to elect the board of directors

For stock insurer, its is the stockholders who elect the board of directors. While for mutual insurer, its the owners who elect the board of directors who have an effective control over the management.

4 0
3 years ago
If the borrower has a previous foreclosure, can he use FHA to purchase a new home?
snow_tiger [21]

Answer:

Yes he can use FHA

Explanation:

Because FHA Loans are the most forgiving of foreclosures. To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three year clock starts ticking from the time that the foreclosure case has ended, usually from the date that you prior home was sold in the foreclosure preceeding. If the foreclosure also involved an FHA loan, the three year waiting periods starts from the date that FHA paid the prior lender on its claim

6 0
3 years ago
Ramkissoon Midwifery's cost formula for its wages and salaries is $2,060 per month plus $442 per birth. For the month of July, t
iragen [17]

Answer:

Spending variance will be equal to -729

Explanation:

We have given wages and salary is $2060 per month plus $442 per birth

We have given total number of birth = 117

So standard cost = $2060+117×$442 = $53774

Actual wages and salary for the month is = $54500

We have to find the spending variance

Spending variance is given by

Spending variance = Standard cost - actual cost = $53774 - $54500 = -729

So spending variance will be equal to -729

6 0
3 years ago
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Ivenika [448]

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3 0
3 years ago
Kelsey wants to buy some bananas. one grocery store sells them at 2 pounds for $0.89. another store sells them at 3 pounds for $
MAVERICK [17]
<span>Too find he lowest units price you divide the price per pound by the number of pounds. At the first store it is roughly 44 cents per unit. The second store is about 33 cents per unit. The lower unit price is 33 cents per pound at the second store.</span>
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3 years ago
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