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timama [110]
2 years ago
6

Melon Corp. noticed that a check written by the company for $2,100 was incorrectly recorded in the accounting records as $1,200.

How should this error be handled in a bank reconciliation
Business
1 answer:
dimulka [17.4K]2 years ago
7 0

The way that the error should be handled in a bank reconciliation is that $900 should be subtracted from the cash balance in the accounting records.

<h3>What is a bank reconciliation?</h3>

A bank reconciliation statement simply summarizes banking and business activity, reconciling an entity's bank account with its financial records. ·

Since Melon Corp. noticed that a check written by the company for $2,100 was incorrectly recorded in the accounting records as $1,200, $900 should be subtracted from the cash balance in the accounting records.

Learn more about  bank reconciliation on:

brainly.com/question/15525383

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Cobble Corporation produces and sells a single product. Data concerning that product appear below: Fixed expenses are $499,000 p
kupik [55]

Answer:

b. decrease of $8,900

Explanation:

the sales price and variable costs are missing, so I looked them up:

sales price = $160

variable costs = $48

current operating income:

sales revenue $800,000

variable costs <u>($240,000)</u>

contribution margin $560,000

fixed costs <u>($499,000)</u>

operating income $61,000

if the company follows the marketing manager's plan:

sales revenue $867,300

variable costs <u>($283,200)</u>

contribution margin $584,100

fixed costs <u>($532,000)</u>

operating income $52,100

operating income will decrease by $61,000 - $52,100 = $8,900

6 0
4 years ago
Dunlap contracted to work exclusively for Foster during June for $5,000. On May 31, Foster canceled the contract. Dunlap found a
Masja [62]

Answer:

$2,000

Explanation:

Compensatory damages can be claimed by a plaintiff in order to compensate for incurred losses or injuries. The plaintiff must prove that he/she suffered damages due to the defendant's negligence or unlawful conduct.

In this case, Dunlap lost $2,000 (= $5,000 - $3,000) because Foster didn't perform, so he can sue in a civil court to recover the $2,000.

4 0
3 years ago
Read 2 more answers
Tinker Bell Company has the following: Units Unit Cost Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8
Flauer [41]

Answer:

Question 1

b. $100,000

Question 2

(a) Goods held on consignment from another company.

Explanation:

Question 1

Calculation to determine what the cost of the ending inventory under LIFO is

Using this formula

Cost of the ending inventory =(Inventory, Jan. 1 Units*Cost )+[(Dec 31 Units on hand- Inventory, Jan. 1 Units)*Purchase, June 19 Cost ]

Let plug in the formula

Cost of the ending inventory =(8,000 * $11) + (1,000 *$12)

Cost of the ending inventory =$88,000+$12,000

Cost of the ending inventory =$100,000

Therefore the cost of the ending inventory under LIFO is $100,000

Question 2

GOODS HELD ON CONSIGNMENT FROM ANOTHER COMPANY should NOT be included in the PHYSICAL INVENTORY of a company but rather be included in the inventory of the sender of the goods which is the CONSIGNOR.

6 0
3 years ago
If customers can see data about themselves on the business' computer system, it will enable them to ____________
Bond [772]

If customers can see data about themselves on the business' computer system, it will enable them to make better and more informed decisions.

<h3>How do information systems help businesses?</h3>

Business Information System, eases the process of decision making and simplifies the process of delivering the required information and hence assists in taking better decisions instantly. Business Information System (BIS) can be effectively implemented to help communication better between the employers and the employees.

To know more about business Information systems, refer to:

brainly.com/question/3622510

#SPJ4

7 0
2 years ago
Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog were considering expanding beyond the co
Oduvanchick [21]

Answer:

D) Corporate level strategy

Explanation:

Corporate level strategy involves decision and actions that are taken to achieve objectives big the business that affects all aspects of the business.

It is the opposite of functional strategy that focuses on actions that affects only a particular function of department.

In this instance Green Frog is considering expanding beyond the cosmetics industry into pharmaceuticals in order to gain competitive advantages by operating in multiple markets and industries. This will will affect all aspects of the business and so is considered a corporate strategy.

3 0
3 years ago
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