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2 years ago

How to work out opening balance?

Business

2 answers:

vredina [299]2 years ago

8 0

Answer:

...

Explanation:

Marrrta [24]2 years ago

5 0

Answer:

Opening Balance (what you have in bank at the start) plus Total Income (what money comes in) minus Total Expenses (what money goes out) equals Closing Balance (what money you have left). The Opening Balance is the amount of cash at the beginning of the month (1st day of month).

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A legal process in which a borrower is relieved of debts after showing an inability to pay is called?

docker41 [41]

Answer:

Bankruptcy

Explanation:

After declaring bankruptcy, all of your financial obligation would be wiped up, minus several exceptions. For example: Child support, student loans, and alimony would not be deleted even if you declared bankruptcy.

Even though bankruptcy eliminate your current debts, it actually will create more financial problems for you in the future. For example, it will be almost impossible for you to qualify for mortgage or any other types of bank oloans.

7 0

3 years ago

In the month of April, the Forming Department had 500 units in beginning work in process inventory that were 60% complete. These

Mamont248 [21]

Answer:

$2,700,000

Explanation:

since materials are added at the beginning of the process, we must first determine the number of units that started to be produced during April:

finished goods + ending inventory - beginning inventory = 10,000 + 2,000 - 500 = 11,500

the $1,380,000 must be divided by 11,500 units started = $1,380,000 / 11,500 = $120

total materials = [(11,500 - 2,000) x $120] + $60,000 (beginning inventory) = $1,140,000 + $60,000 = $1,200,000

conversion costs are added as the process is carried out so we must determine equivalent units:

beginning work in process: 500 x 60% = 300 equivalent units
10,000 units were completed during April
ending inventory: 2,000 x 25% = 500 equivalent goods

total equivalent units processed = 10,000 + 500 - 300 = 10,200

conversion cost per equivalent unit = $1,530,000 / 10,200 = $150

total conversion costs = [(10,200 - 500) x $150] + $45,000 (beginning inventory) = $1,455,000 + $45,000 = $1,500,000

total cost of finished goods inventory = $1,200,000 + $1,500,000 = $2,700,000

7 0

2 years ago

Stear Corp. decides to deposit $1,000 in its bank account. This cash was paid from the cash register of the company. What will b

Liula [17]

Answer:

Cash Account (debit) 1,000

Cash in Bank Account (Credit) 1,000

Explanation:

Given

$Amount = \$1,000$

Required

Write a journal entry

In this case:

The company deposits $1000.

This means that, $1000 will be debited from the company's cash account.

So, the entry for that will be:

Cash Account (debit) 1,000

In the same vein, $1000 will be credited into the company's bank account.

So, the entry for that will be:

Cash in Bank Account (Credit) 1,000

5 0

2 years ago

Read 2 more answers

Entry for Jobs Completed; Cost of Unfinished Jobs

frosja888 [35]

Answer:

a. Journal Entry to record the jobs completed:

Debit Finished Goods Inventory $178,710

Credit Work in Process $178,710

To record the jobs completed.

b. The cost of the unfinished jobs at August 31 is:

= $23,080

Explanation:

a) Data and Analysis:

Work in Process

Account Titles Debit Credit

Balance, August 1 $8,920

Direct materials 72,520

Direct labor 78,230

Factory overhead 41,120

Finished goods inventory $178,710

Balance (unfinished jobs) 23,080

Total $201,790 $201,790

Jobs finished during August are summarized as follows:

Job 210 $36,140

Job 216 22,090

Job 224 42,170

Job 230 78,310

Total $178,710

a. Journal Entry Analysis to record the jobs completed:

Finished Goods Inventory $178,710 Work in Process $178,710

b. The cost of the unfinished jobs at August 31 is:

= Total of work in process Minus Finished Goods

= $201,790 - $178,710

= $23,080

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2 years ago

The type of deed in which the grantor defends the title back to its beginning is a

sattari [20]

The type of deed in which the grantor defends the title back to its beginning is a GENERAL WARRANTY DEED.
Deed is used to transfer title rights. A general warranty deed is used to convey all the grantor deed to the grantee and it also guarantees that if the title is defective, the grantor may be hold liable.
The grantor is the seller while the grantee is the buyer.<span />

5 0

3 years ago

How to work out opening balance?​

How to work out opening balance?