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3 years ago

Swifty Company has just received the August 31, 2020, bank statement, which is summarized below.

Business

1 answer:

OverLord2011 [107]3 years ago

5 0

Answer:

A. Correct cash balance $15,396

Correct cash balance $15,396

B. Aug 31 2020

Dr Cash $1,436

Cr Notes receivable $1,381

Cr Interest revenue $55

Aug 31, 2020

Dr Bank service charges $28

Cr Cash $28

Aug 31, 2020

Dr Supplies expenses $18

Cr Cash $18

Explanation:

A. Preparation of a bank reconciliation dated August 31, 2020

Bank reconciliation

Balance as per bank statement august 31, 2020 11,170

Add Cash on hand $428

Add Deposit in transit $5,248

Less: Outstanding checks ($1,450)

Correct cash balance $15,396

Balance as per books august 31, 2020 (13,879+48,335-48,208) $14,006

Add: note and interest collected $1,436

Less:Bank service charges ($28)

Less Understated for supplies ($18)

($165+$147)

Correct cash balance $15,396

B. Preparation of the adjusting entries.

Aug 31 2020

Dr Cash $1,436

Cr Notes receivable $1,381

($1,436-$55)

Cr Interest revenue $55

Aug 31, 2020

Dr Bank service charges $28

Cr Cash $28

Aug 31, 2020

Dr Supplies expenses $18

Cr Cash $18

($165+$147)

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Hernandez Corporation expects to have the following data during the coming year. What is Hernandez's expected ROE

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Answer:

13.56%

Explanation:

For the computation of return in equity first we need to follow some steps which are shown below:-

D/A = Debt ÷ Total assets

Debt = $200,000 × 65%

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= $10,400

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Total equity = $200,000 - $130,000

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The diffusion of innovation theory focuses on

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Answer:

d. the rate at which consumers are likely to adopt a new product or service.

Explanation:

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Tyler wants to win the trumpet soloist competition this year. his practice time always ends up being the same time his friends a

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If A, B, and C are three activities connected with SS and FF (combination) relationships with no lags, their durations are 5, 10

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Answer:

10 days

Explanation:

The Critical Path Method is a method of managing activities in a project so as to maximize time. In the case of A, B and C activities, since they are connected with the same start-to-start and finish-to-finish, it means that the activities are linked and as such the duration of the project is 10 days since the last activity will take 10 days to finish.

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Under which of the following conditions will your demand tend to be more elastic? Choose one or more: A. in the short run B. in

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Answer:

B. in the long run

C. when the price is a large portion of your income

E. when many substitutes are available

G. when there are many competing firms selling similar goods

Explanation:

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The demand for a product is somewhat inelastic in the short run, but in the long run, demand is more elastic.

The reason is that consumers need more time to respond and adjust to the use of certain products.

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