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3 years ago

Schultz Tax Services, a tax preparation business had the following transactions during the month of June:

Business

1 answer:

Nastasia [14]3 years ago

8 0

Answer:

$29,280

Explanation:

It is important to consider only cash transactions when preparing a Cash Reconciliation.

<u>Schultz Tax Services Cash Reconciliation</u>

Cash, June 1 $25,000

<u>Plus: cash receipts for June</u>

Receipts for Accounting Services $3,000

Receipts from Accounts Receivables $3,800 $6,800

<u>Minus: cash payments for June</u>

Advertising expense paid $800

Dividends paid $1,500

Telephone expense paid $220 ($2,520)

Cash, June 30 $29,280

Conclusion :

The balance of Cash at June 30 is $29,280

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Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its

ololo11 [35]

Answer:

Allocated MOH= $165,240

Explanation:

Giving the following information:

Estimated manufacturing overhead $157,750

Estimated machine-hours 4,640

Actual manufacturing overhead $157,400

Actual machine-hours 4,860

First, we need to calculate the predetermined manufacturing overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 157,750/4,640= $34 per machine hour

Now, we can calculate the allocated overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 34*4,860= $165,240

5 0

3 years ago

Read 2 more answers

Discuss what sources of factual information would be most beneficial for the following areas of practice:

schepotkina [342]

Answer:

The answer is stated below:

Explanation:

Sources of the factual information in the following areas of the practice are as:

A practice of family law need or require a records of the marriage or a divorce, visitations created by court, child custody agreement and records of the adoption. The clients of the practice could be asked for the information.

This practice of law dealt with the study of how the directors, stakeholders, shareholders, employees and the consumers interact with each other and with the environment. Under this practice, it looks for the records of the bank transaction.

This law practice would benefit or provide advantage from the records of the medical, any statement of witness, records of disability and the records for the equipment maintenance if required.

Under this practice, the statements of banks, real estate listing, IRS records and credit agencies would be advantageous sources of the information.

Under this practice, it involve the powers of attorney, deeds documents, mortgages, grants, transfers and wills which are pertaining to bankruptcy.

7 0

3 years ago

A British firm may need dollars to pay for U.S. imports. It can work with banks in London to exchange pounds for dollars to make

Rzqust [24]

Answer:

The correct answer is Spot market.

Explanation:

The spot market or spot market is one in which both the transaction and the settlement of an operation coincide on the same date. Although it is considered cash market when delivery occurs up to a maximum of 2 days later.

In spot markets, transactions are usually settled within a day or two after the date of purchase / sale. This is what is understood as a settlement in D + 1 or D + 2. The transactions are also closed at the current price on the asset in question that exists at the time of the transaction. This is one of the main differences between the cash market and the futures market.

7 0

3 years ago

On January 1, 2016, Ott Company sold goods to Fox Company. Fox signed a noninterest-bearing note requiring payment of $60,000 an

inessss [21]

Answer:

D. 321,600.

Explanation:

Present value is the current value of a future amount that is to be received or paid out.

Given:

Present value, P = $60000

Present value of ordinary annuity for the remaining 6 years = 4.36

The Present value, PV of the note is equal to the first payment + the Present value of ordinary annuity (all at 10%) of the remaining six payments

Sales revenue = $60000 + (60,000 × 4.36)

= $60000 + $261,600

= $321,600

Thus, sales revenue of $321,600.

3 0

3 years ago

Suppose Ike’s Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is

Naddika [18.5K]

The short-run average total cost of Ike's Bikes of producing 100 bikes is $360.

<h3>What is the short-run average total cost ?</h3>

The short-run is a production period where some of the factors used in the production process are fixed and others are variable. The short-run average total cost is the total cost divided by total output. Total cost is the sum of fixed cost and variable cost.

Please find attached the complete question. To learn more about average cost, please check: brainly.com/question/26959638

6 0

2 years ago