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antiseptic1488 [7]
3 years ago
7

"Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with t

he monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35)."Required:
Calculate the reconciled company balance for cash.
Business
1 answer:
UNO [17]3 years ago
8 0

Answer:

$3,220

Explanation:

reconciled cash balance = cash balance - bank service fees - NSF customer's check + note receivable collected by bank + interest earned

reconciled cash balance = $2,620 - $85 - $350 + $1,000 + $35 = $3,220

NSF checks drawn by customers should be subtracted because the company assumed that they were good checks so they increased cash account, but they bounced so no cash was collected.

Sometimes banks can collected notes receivables in the name of their clients (a previous agreement must be signed), and they increase the company's cash balance.

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When a parent uses the equity method throughout the year to account for its 80% investment in an acquired subsidiary, which of t
ValentinkaMS [17]

Answer:

c. Parent company total assets equals consolidated total assets

Explanation:

  • The equity method is a process of treating investment in an associated companies and is usually applied where the investor holds about 50% of the companies stocks and this has a significant influence in the later management.
  • They are recorded in the balance sheets and are associated with the companies net incomes and investments. If 80% of the investment is accounted for the subsidiary then the parent company total assess will not be equal o the total assets as it involves taxes.
4 0
3 years ago
Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete has the opportunity to earn$400
ki77a [65]

Answer:

Earning $700,000 next year playing for a European professional football team

Explanation:

Opportunity cost is the sacrificed option in decision making. The value of opportunity cost is expressed as the forfeited benefits from the next best alternative. Opportunity cost arises due to scarcity of resources, including time and finances.

The student-athlete cannot be in school and engage in play in a professional league in the same year. The student has to pick one option as he or she cannot be in two places at the same time. The forfeited option is the opportunity cost. In the case of many options, the forgone option with the highest value is the opportunity cost. For this student-athlete, $700,000 missed for not playing for a European professional football team is the opportunity cost. It represents the next best alternative from the option chosen.

5 0
3 years ago
Good strategy combined with good strategy execution: Select one: a. Offers a guarantee for avoiding periods of weak financial pe
Pachacha [2.7K]

Answer:

d. Are the most trustworthy signs of good management

Explanation:

The strategy refers to the planning through which the company could able to accomplish its goals and objectives within the prescribed time set by the company

The goods strategy mostly achieved the company targets within the standard time set by the company. And if the combination of both the good strategy and execution of the good strategy leads to the sign of good management i.e become trustworthy.

hence, the last option is correct

4 0
3 years ago
The Federal Reserve S role as a lender of last resort involves lending to which of the following financially troubled institutio
ANTONII [103]

Answer: U.S. banks that cannot borrow elsewhere

Explanation:

Lender of last resort is.a situation that occurs when the central bank in a country gives loans to the commercial banks in the country when they are going through financial difficulties.

In this scenario, The Federal Reserve S role as a lender of last resort involves lending to U.S. banks that cannot borrow elsewhere.

5 0
3 years ago
After shopping at a Cut-Price store, Dyan finds a fitness watch in her bag of purchases that she knows she did not pay for. If D
hram777 [196]

Answer:

A) conversion

Explanation:

Conversion is when someone wrongfully use property of another for their own purposes . In an action for conversion, the taking of the property may be lawful, but the retaining of the property is unlawful.

Same in this case retaining the fitness watch is unlawful to use the property which belongs to others.

5 0
3 years ago
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