1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anastaziya [24]
3 years ago
5

The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of

$388,600 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 $61,280. B.A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement.
Business
1 answer:
vampirchik [111]3 years ago
8 0

Answer:

Missing word <em>"The bank collected $42,000 on a $40,000 note, including interest of $2,000. A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. A check drawn for $240 had been erroneously charged by the bank as $420. Bank service charges for April amounted to $145. Instructions: Prepare a bank reconciliation."</em>

<em />

                          Bank reconciliation statement

Particulars                                                                            Amount ($)

Balance as per bank statement                        388,600

Add: Deposit in transit                                       42,500

Add: Error in recording the check (420-240)   <u>   180      </u>     431,280

Less: Outstanding checks                                                    <u>(61,280)</u>

Adjusted balance as per Bank statement                         <u>370,000</u>

                          Bank reconciliation statement

Particulars                                                                            Amount ($)

Balance as per books                                     334,985

Add: Note collected                                        40,000

Add: Interest collected                                    <u> 2,000   </u>        376,985

Less: Error in recording check (7,600-760)                          (6,840)

Less: Service charges levied                                                 <u>(145)     </u>

Adjusted balance as per books                                           <u>370,000</u>

You might be interested in
What function of the management process is used to monitor and ensure the organization is meeting its​ goals? A. Controlling B.
Andrews [41]

Answer: Controlling

Explanation:

Controlling is a management process which involves comparing the outcome of an organization's processes to the targets set for those processes beforehand, and taking corrective measures in case the outcome is deviating from the set targets. For example, a manager of a business running at a loss, can identify the cause of the loss and find ways of correcting the negative outcome.

5 0
3 years ago
You are the CEO of a company that has to choose between making a $100 million investment in either Russia or Poland. Both invest
dimulka [17.4K]

Answer: When assessing the risks of investment, one should consider the political, economic, and legal risks of doing business in either Russia or Poland. The risk in Russia would probably be considered higher than the risk in Poland since Poland has been a member state of the European Union since 1 May 2004, with the Treaty of Accession 2003 signed on 16 April 2003 in Athens as the legal basis for Poland's accession to the EU.

Poland has already gained benefits and stability offered by the EU. Russia, by contrast, is still many years away from even being in a position to be considered by the EU for membership.

Explanation: A diligent investor wouldn't put a penny in a risky country.

8 0
3 years ago
__________, a privacy tort, is closely related to defamation and occurs when publicity about a person creates an impression abou
NemiM [27]

Answer:

False Light

Explanation:

Hope this helps :)

5 0
3 years ago
If the price of gasoline increases, most likely, ceteris paribus, the result will
avanturin [10]

Answer:

A

Explanation:

4 0
3 years ago
Read 2 more answers
In what positive and negative ways has the Internet changed the conduct and coordination of global business?
Whitepunk [10]

Answer: Positive ways; Barriers in connecting is slightly no more, Negative ways; Increase in fraud and cyber theft

Explanation:

The internet has changed the conduct and cordination of global business in many ways both positively and negatively. Considering the positive ways

Positive Ways: Barriers in connecting is slightly no more: connecting to one another has been made easy to do business recently, people in continents can carry out a transaction and a trade under minutes of interaction and get the goods and services exchanged among each other immediately.

Negative ways; Increase in fraud and cyber theft; despite the swift nature of doing business now, it has also Increased fraud as some people disguise themselves to be traders and businessmen just to collect people's money.

7 0
3 years ago
Other questions:
  • If i'm a freshman in 2017 when will i graduate
    15·1 answer
  • If you are feeling very anxious about delivering a speech, the most effective response is to
    14·1 answer
  • Total Variable Overhead Variance Mulliner Company showed the following information for the year: Standard variable overhead rate
    8·1 answer
  • If beginning work in process is 3,900 units, ending work in process is 3,700 units, and the units accounted for equals 11,200 un
    12·1 answer
  • In ________ ranking, raters look at a list of employees, decide who the best employee is, and cross that person's name off the l
    10·1 answer
  • XZYY, Inc. currently has an issue of bonds outstanding that will mature in 31 years. The bonds have a face value of $1,000 and a
    7·1 answer
  • Select all that apply Select the components of a market analysis. (Select all that apply) Multiple select question. The economic
    7·1 answer
  • What do you think Madison needs to include in the fire prevention training plan?
    10·1 answer
  • When Nestor's U.S.-based company purchased a manufacturing facility in China, the company decided to increase the output of the
    13·1 answer
  • Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sol
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!