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Anika [276]
3 years ago
5

The bank statement reported an ending balance of $43,860 after deducting $660 in service charges and an addition of $13,500 for

a note collected by the bank on the Cherokee Company's behalf. The company books reported an ending balance of $29,070, and determined that deposits in transit equal $16,800 and outstanding checks equal $18,750.
What is the adjusted cash balance?
Select one:
A. $21,120
B. $41,910
C. $16,800
D. $35,910
Lakeside Company is holding a $18,000, 90-day, 6% note receivable, dated December 1, 2019. The journal entry to record accrued interest at the end of its fiscal year on December 31, 2019 will include a:
Select one:
A. Credit note receivable for $18,000
B. Credit interest income for $270
C. Debit to interest receivable for $90
D. Debit cash for $18,270
Business
1 answer:
Jet001 [13]3 years ago
7 0

Answer:

Question 1

B. $41,910

Question 2

C. Debit to interest receivable for $90

Explanation:

Question 1

Calculation for the adjusted cash balance

Using this formula

Adjusted cash balance = Cash balance per books +Deposits in transit - Outstanding checks

Let plug in the formula

Adjusted cash balance= $43,860+$16,800-$18,750

Adjusted cash balance= $41,910

Therefore Adjusted cash balance is $41,910

Question 2

Based on the information given The Appropriate journal entry to record accrued interest at the end of its fiscal year on December 31, 2019 will include a:

Debit to interest receivable for $90 which is calculated as:

Interest receivable=[(6%*$18,000*90days/360)/3]

Interest receivable=$270/3

Interest receivable=$90

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Planning management function

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Unlike households, governments are often able to sustain large debts. For example, in 2013, the U.S. government's total debt rea
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4 years ago
A carpenter sells _______ , whereas an automobile manufacturer sells _______.
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Basic Answer

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5 0
3 years ago
Which of the following statements is true? (A) Henry must report the $12,000 alimony received as income and Charlotte can claim
Oksana_A [137]

Answer:

The correct statement is B

Explanation:

Relevant information:

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During the year, 2019 C paid H alimony of $12,000

Now, will analysis the information:

As per the U. S (United States) IRS (Internal Service Revenue), if the divorce is finalized in 2019 or after that, then the payment of alimony are no longer is deductible, nor the recipient have to record or report them as an income.

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Therefore, the correct answer is B.

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3 years ago
Suppose that real gdp per capita in italy is $36,000. If real gdp per capita is growing at a rate of 3. 6% per year. How many ye
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Suppose that real GDP per capita in Italy is $36,000. If real GDP per capita is growing at a rate of 3. 6% per year. How many years will it take for real GDP per capita to reach $72,000?

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GDP per capita is calculated by dividing the total gross value contributed by all producers who are residents of the economy by the mid-year population, plus any product taxes (less subsidies) that are not taken into account when valuing output.

In the given case, the real GDP of Italy will be doubled in 20 years which is determined by rule 72.

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2 years ago
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