Answer:
See below
Explanation:
Given the above information, first we'll compute net proceeds
Cash received $7,200,000 × 86%
$6,192,000
Add:
Due from factors $7,200,000 × 9%
$648,000
Less;
Recourse obligation
($5,000)
Net proceeds
$6,835,000
When bank charged another company's check against our account this would be included on the bank reconciliation as a addition to the balance per books.
A bank reconciliation statement summarizes banking and business activities and reconciles a company's bank accounts and its financial records. A bank reconciliation statement confirms that the payment has been processed and the cash collection has been credited to your bank account.
Withdraw an outstanding check. This will give you a reconciled bank balance. Then, use the cash balance at the end of the business to add up the interest earned and any outstanding bills. Deduct all bank charges, penalties and NSF checks.
Procedures for verifying the accuracy of both company bank statements and cash accounts. - Must be completed at the end of each month. A common cause of differences between the bank's ending balance and the cash book's ending balance.
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Indirect materials include <u>salt and pepper.</u>
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What are indirect materials ?
- Indirect materials are goods that, while part of the overall manufacturing process, are not integrated into the final product.
- For example, disposable gloves, personal protective equipment, tape, etc., may be essential to a production line, but they are not part of the actual product created on that line.
- When cost savings take priority, it’s important to control spending and compliance by using a unified source-to-pay (S2P) platform for indirect materials.
- Among S2P platforms, cloud-native ones offer the best functionality: they are easy to set up, deploy, learn and use, and they offer real-time, end-to-end visibility.
- Unlike indirect materials, direct materials are components that are integrated into a manufactured product.
- For example, chips in a mobile phone are direct materials in mobile phone production.
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Bonds have a maturity date, are perpetual, and pay a coupon rate.
