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3 years ago

Bank reconciliations

Business

1 answer:

emmasim [6.3K]3 years ago

3 0

Answer:

When you reconcile your business bank account, you compare your internal financial records against the records provided to you by your bank. A monthly reconciliation helps you identify any unusual transactions that might be caused by fraud or accounting errors, and the practice can also help you spot inefficiencies.

Meaning:

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period.

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Applying activity-based costing LO P1, P3, A1, A2, C3 [The following information applies to the questions displayed below.] Craf

Ad libitum [116K]

Answer:

Craft Pro Machining

Activity Rate= Activity Cos/ Cost Driver

Production Activities Cost Drivers Activity Rate

Grinding $ 320,000 13,000 machine hours 24.615per machine hour

Polishing $ 135,000 13,000 machine hours 10.38 per ,machine hour

Product modification 600,000 1,500 engineering hours 400 per eng. hour

Providing power $ 255,000 17,000 direct labor hours 15 per DLH

System calibration 500,000 400 batches 1250 per batch

Working:

Job 3175 Job 4286

Number of units 200 units 2,500 units

Machine hours 550 MH 5,500 MH

Engineering hours 26 eng.hours 32 eng.hours

Batches 30 batches 90 batches

Direct labor hours 500 DLH 4,375 DLH

Job 3175 Job 4286

Number of units 200 units 2,500 units

Grinding & Polishing 19247.25 192472.5

Product modification 10400 12800

System calibration 37500 112500

Providing power 7500 65625

Total Costs $ 74,647.25 $ 383,397.5 

The overhead cost per unit for Job 3175 = $ 74,647.25 /200=$ 373.24

The overhead cost per unit for Job 4286= $ 383,397.5/2,500= $ 153.36

6 0

4 years ago

MC Qu. 93 Job A3B was ordered by a customer on... Job A3B was ordered by a customer on September 25. During the month of Septemb

Aleks04 [339]

Answer:

$16,500

Explanation:

Note: Work In Process simply mean the cost of Job which is not complete.

Work In Process = Direct Materials + Direct Labor + Overhead Cost

Work In Process = $3,000 + $4,500 + ($4,500*200%)

Work In Process = $3,000 + $4,500 + $9,000

Work In Process = $16,500

So, the balance in the Work in Process account at the end of September relative to Job A3B is $16,500.

6 0

3 years ago

What is an accurate definition of experience?

sasho [114]

Answer: A)the collection of things a person has done

Explanation: just answered it EDGE 2021

7 0

3 years ago

Read 2 more answers

Dawson Company issued 600 shares of no-par common stock for $5,400. Which of the following journal entries would be made if the

Tems11 [23]

Answer:

b. Cash 5,400 Debit

Common Stock 1,200 Credit

Paid-in Capital in Excess of Par 4,200 Credit

Explanation:

the cash proceeds will be for 5,400

common stock will increase for the face value:

600 shares x 2 = 1,200

the paid-in capital in excess of par value will be the difference:

5,400 - 1,200 = 4,200

Cash, which is an asset increase for mdebit side while the common stock and additional paid-in are equity accounts. They increase from the credit side.

6 0

3 years ago

Required: 1. What is the standard labor-hours allowed (SH) to makes 20,000 Jogging Mates? 2. What is the standard labor cost all

svlad2 [7]

Answer:

1.6000 Hours

2. 102,000

3. $ 350 Unfav

4.$ 4250 Fav

5 a). $ 3.80 per hour

b) . $ 1000 Fav

Explanation:

Std hours allowed per unit: 18 min

Actual output: 20000 units

Std hours allowed for actuaal output (20000*18/60)= 6000 Hours

Std labour hourrs allowed =6000 hours

Std rate per hour: $ 17

Std labor cost allowed: (6000 hours @17)=102,000

Labour Spending Variancce: Std hours*Std rate - Actual hours*Actual rate

6000 *17 - 102350 = $ 350 Unfav

Actual labour rate per hour (102350/5750): $ 17.80 per hour

Labour Rate variance: Actual hours (Std rate-Actual rate)

5750 hrs (17.00-17.80)= $ 4600 Unfav

Labour efficiency variance: Std rate (Std hours-Actual hours)

17 (6000-5750)= $ 4250 Fav

Std Variable rate per hour: $ 4 per hour

Actual rate per hour (21850/5750)= $ 3.80 per hour

Variable rate variance: Actual hours (Std OH rate-Actual OH rate)

5750 (4.00-3.80)= $ 1150 Fav

Variable OH effience variance: Std rate (Std hours-Actual hours)

4.00 (6000-5750)= $ 1000 Fav

7 0

4 years ago