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These are the answers to the solution manual:
24.P430,000
25.P350,000
26.P11,350
27.P836,350
28. P836,350
Are these really the correct answers? Please show the computation from 24-28 please, thank you!
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- Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?Sapphire Company provided the following information for the month of December: Balance per bank statement December 31 Bank service charge for December Interest paid by bank to Sapphire Company for December Deposits made but not yet recorded by the bank Checks written but not yet recorded by the bank 2,800,000 12,000 10,000 350,000 650,000 The entity discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? a. 2,500,000 b. 2,520,000 C. 2,540,000 d. 2,800,000 с.
- Goose Company has gathered the following information in relation to its checking account in BDO for the month of April Balance per books April 30, P750,000; per bank statement April 30, P815,000 Deposits still in transit at April 30 was P80,000 NSF checks returned by the bank in April was P90,000 and April charges amounted to P20,000 Checks issued but have not yet cleared by April 30 was P50,000 Proceeds from loan directly credited to Goose Company's account amounted to P200,000, while interest on deposits amounted to P5,000 a. The adjusted balance per book is b. The adjusted balance per bank is 9. The cash account of Iguana Company disclosed a balance of P1,128,240 on October 31, while the bank statement showed a balance of P1,470,300. Comparing the statement with the cash records, the following facts were developed Customer's note discounted on October 12; dishonored October 26 and the bank charge Iguana Company, P305,000 which included a service charge of P5,000 …The accountant of ABC Company is preparing a bank reconciliation statement for the month of October. The bank statement shows a balance of $9,719 while the ledger balance is $7,261. He compiles the following information: Description Check #3119 recorded at $1,830 Amount $1,380 a b NSF checks $500 EFT for insurance deducted $336 d EFT for rent collected $775 Service charge deducted Outstanding checks Deposit in transit Notes collected by bank e $15 f $4,036| g $3,402 h $1,450 Compute the adjusted bank balance for the month of October. а. $10,520 b. $9,070 с. $9,085 d. $8,749As of June 30, the bank statement of Ang Po Trading had an ending balance of P373,612. The following data were assembled in the course of reconciling the bank balance: The bank erroneously credited Ang Po Trading for P2,150 on June 22. During the month, the bank charged back NSF checks amounting to P2,340 of which P800 had been redeposited by the 25th of June. Collection for June 30 totalling P10,330 was deposited the following month. Checks outstanding as of June 30 were P30,205. Notes collected by the bank for Ang Po Trading were P8,150 and the corresponding bank charges were P50. The adjusted bank balance on June 30 is P351,587 P359,687 P353,927 P358,147
- The cash in bank account of Romeo Co. for april 2020 showed an ending balance of $193947. Deposit in transit on April 30 was $27300. Outstanding checks as of April 30 were $89152.5 including $7500 certified check which the bank has certified on April 27. During the month of April, the bank charged back NSF checks in the amount $5152.5 which 2752.5 had been redeposited by April 20. On April 23, the bank charged Romeo's account $3300 items which have been charged to Rina's Account the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Romeos co was $11322 and bank charges for this services $27 there are not yet recorded by the book. How much is unadjusted balance per bank on April 30? Answ: $253894.5 Romeo company purchased 150000 shares 5% ownership of Blue company on January 14, 2022. Romeo received a share dividend of 8% on March 31, 2022 when the market price of share is $25. On December 14, 2022, Romeo received a cash dividend of $20…Minor Company had checks outstanding totaling $4,889 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,278. The May bank statement shows that $26,319 in checks cleared the bank in May. A check from one of Minor Company's customers of $451 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a. $67,597 b. $21,430 c. $19,848 d. $19,397The following information is available for Andersen Company for the month ending June 30, 2013. •Balance per the bank statement is $10,241.43. •Balance per books is $9,745.06. •Check #506 for $1,948.52 and check #510 for $1,800.25 were not returned with the June 30 bank statement. •A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated. •A bank debit memo indicated an NSF check in the amount of $79 written by Bruce Garrett to Andersen Company on June 13. •A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20. •The bank statement indicated service charges of $35. Required: Prepare a bank reconciliation for Andersen Company for June 30, 2013
- Minor Company had checks outstanding totaling $4,127 on its April bank reconciliation. In May, Minor Company issued checks totaling $41,968. The May bank statement shows that $26,955 in checks cleared the bank in May. A check from one of Minor Company's customers of $397 was also returned marked "NSF." The amount of outstanding checks on Minor Company's May bank reconciliation should be a.$68,923 b.$22,828 c.$18,743 d.$19,140The cash in bank account of Smart, Inc. for April showed an ending balance of P129,298. Deposits in transit on April 30 was P18,200. Outstanding checks as of April 30, were P59,435, including a P5,000 check which the bank had certified on April 27. During the month of April, the bank charged back NSF checks in the amount of P3,435 of which P1,835 had been redeposited by April 20. On April 23, the bank charged Smart's account for a P2,200 items which should have been charged against Kmart, Inc., the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Smart, Inc. was P7,548 and bank charges for this services was P18. a. How much is the unadjusted balance per bank on April 30? b. Refer to previous question. What is the correct cash in bank balance at April 30?