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Tamiku [17]
3 years ago
10

The cash account for Norwegian Medical Co. at April 30 indicated a balance of $403,784. The bank statement indicated a balance o

f $468,460 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
A. Checks outstanding totaled $73,870.
B. A deposit of $51,230, representing receipts of April 30, had been made too late to appear on the bank statement.
C. The bank collected $50,630 on a $48,220 note, including interest of $2,410.
D. A check for $9,160 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $916. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account.
E. A check drawn for $680 had been erroneously charged by the bank as $860.
F. Bank service charges for April amounted to $170.
Required:
1. Prepare a bank reconciliation. Be sure to complete the statement heading.
2. Journalize the necessary entries. The accounts have not been closed.
DATE DESCRIPTION POST. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Apr. 30 Cash 0,630.00
2 Interest Revenue 2,410.00
3 Apr. 30 Accounts Payable-
Universal Supply Co.8,244.00
4 Cash 8,244.00
5 Apr. 30 Miscellaneous
Expense 170.00
6 Cash 170.00 1
3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?
Business
1 answer:
agasfer [191]3 years ago
5 0

Answer:

Explanation:

cash account balance $403,784

note collected by bank $50,630

Error in check ($8,244)

Bank service fees ($170)

reconciled cash account $446,000

bank account balance $468,460

outstanding checks ($73,870)

deposit in transit $51,230

error in charging check $180

reconciled bank account $446,000

Dr Cash 50,630

    Cr Notes receivable 48,220

    Cr Intertest revenue 2,410

Dr Accounts payable 8,244

    Cr Cash 8,244

Dr Bank fees expense 170

    Cr Cash 170

Cash balance = $446,000

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ale4655 [162]

Answer:

B. $ 23 comma 000 $23,000

Explanation:

Following equation to calculate the common stock Value

Total Debit = Total Credit

40,500 = $17,500 + Common stock value

Common stock value = $40,500 - $17,500 = $23,000

<u>Accounts with Credit balances</u>

Accounts Payable       $7,000

Revenue                      $6,000

Common Stock              ?

Notes Payable              $4,500

Total Debit balances                    $17,500

<u>Accounts with Debit balances</u>

Cash                             $3,000

Expenses                     $16,500

Furniture                      $10,000

Accounts Receivable  <u>$11,000</u>

Total Debit balances                      40,500

6 0
3 years ago
Emily wants to search online for entrepreneurship opportunities in the field of business development. However, she wants to skip
jeka94

Answer:

C.

“entrepreneurship + business + development - branding”

Explanation:

Researchers usually put a hyphen before a word as a technique to exclude it from online search results. This method allows for narrowing down results to the desired pages only.  When searching for keywords that are frequently used together,  putting a hyphen helps exclude unwanted results.

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3 years ago
Darth Company sells three products. Sales and contribution margin ratios for the three products follow:
lukranit [14]

Answer:

C. 31.25%.

Explanation:

PRODUCTS                   X               Y                 Z               Total

Sales in dollars         $20,000   $40,000   $100,000     $160,000

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Contribution margin ratio can be calculated by weighted average method base on the sales ratio of each product.

Contribution margin as a whole = ( CM ratio of X x Ratio of X in total sales ) + ( CM ratio of Y x Ratio of Y in total sales ) + ( CM ratio of Z x Ratio of Z in total sales )

Contribution margin as a whole = ( 45% x $20,000 / $160,000 ) + ( 40% x $40,000 / $160,000 ) + ( 25% x $100,000 / $160,000 )

Contribution margin as a whole = 5.625% + 10% + 15.625% = 31.25%

6 0
3 years ago
A company uses the weighted average method for inventory costing. During a period, Department B finished and transferred 54,000
kolbaska11 [484]

Answer:

Equivalent Units = 61,200

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The transferred units, means they complete their process, so move out and count as 100%

The ending WIP will be compute for their completion percent.

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3 0
3 years ago
A(n) __________________ is a term used to indicate any unwanted event that takes places outside the normal daily security operat
ikadub [295]

Answer:

b.security event.

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A security event is an deviation or change in the daily operations of information technology service that gives a warning that security policies have been violated or a safeguard has failed.

Significance of a security event is measured by effect on hardware, software, data, or security of systems.

For example if a user contracts a computer virus it is a security event, because this means a security breach occured. Antivirus products are security software that reduces occurrence of security event.

4 0
3 years ago
Read 2 more answers
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