How much is the adjusted balance of cash?
Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…
A: Accounts Payable: When the company acquires goods from their suppliers on credit basis, then the…
Q: Use the following to answer questions 8 – 10 (Round answers to the nearest dollar) BZ Corp issues…
A:
Q: Accounting Q/ Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of…
A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…
Q: s of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.…
A: Journal entries needs to prepare Relating with bonds and treatment of expenditure and interest
Q: Oriole Corporation has 74.000 shares of common stock outstanding It declares a $2 per share cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Bold Vision, Inc. must purchase toner from a local supplier. The demand rate is 620 EP cartridges…
A:
Q: 1) A monthly depreciation expense of $600 is recorded on a truck that was purchased for $27 000 and…
A: Depreciation rate = Annual depreciation / Depreciable value of the assets where, Depreciable value…
Q: a. Long put option with a strike price of €30 and short put option with a strike price of €50 O…
A: Derivative Market -Option Instrument Needs to judge which strategies is been implement which show…
Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On May 2010, Olst May - Mr. Tommy started a business putting Rs 50,000 into a business bank account.…
A: A key idea underlying modern bookkeeping and accounting is double entry, which argues that each and…
Q: lease help with question B and C: B.) Another team member who is preparing the Budgeted Balance…
A: Cash Budget Budgeted Cash Collection for Trade receivable Budgeted Cash Collection for Trade…
Q: The Ammad Company manufactures a product in a single process. The following information is…
A: Equivalent Produced Units: An item's theoretical production capacity is determined by the amount of…
Q: Suggest five internal strategies that may be employed by management to improve an organization…
A: From the given budget we can see that the company is clearly struggling with its cash flows. The…
Q: On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.…
A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…
Q: O a. margin of safety point O b. breakeven point O c. unit contribution margin O d. total cost point
A: The correct option is: Breakeven Point
Q: Sudbury ent, completed the following transactions in January: www
A: In USA there is no national level sales tax. Each and evry…
Q: Prepare a classified balance sheet for the partnership on January 1, 2022. (List Current Assets in…
A: Statement of financial position refers to a statement which provides a brief summary of the…
Q: Use the following to answer questions 4 – 7 (Round answers to the nearest dollar) TR issues 6.0%,…
A: Given, Face value of bond= $1,500,000 Interest rate= 6%, semi-annual Time = 10 years Market interest…
Q: For the year ended December 31, 2022, the job cost sheets of Blossom Company contained the following…
A:
Q: Identify the most important reasons for performing analytical procedures. b) Describe the broad…
A: Analytical procedure is the procedure which is carried out by the auditors at the preliminary stage…
Q: The moving average inventory cost flow assumption is applicable to which of the following inventory…
A: Following each inventory purchase, the moving average inventory technique recalculates the average…
Q: A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a tax…
A: GIVEN A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a…
Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…
A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…
Q: Accounts Receivable Ledger Control Account Amount Amount Particulars Particulars (in $) (in $) Debit…
A: 1. Determination of net amount owed by credit customers The debit balance of $137,000 in the…
Q: Use the following to answer questions 20 – 24 On January 1, year 1, JT borrows $41,000 to purchase a…
A: Working Sheets Loan 41000.00 rate 0.03 P.A tenure 72.00…
Q: a) Prepare a cash budget for the 3 months period February to April. b) Discuss the cash budget in…
A: A cash budget is a measure of the inflow and outflow of a business over a period of time. This could…
Q: Q1. Suppose a man receives an initial annual salary of 60,000Php, increasing at the rate of 5,000Php…
A:
Q: Home Decor Co. purchases 3300 of curtains on account on June 5, with credit terms of 5/10, n/30.…
A:
Q: Given the estimated sales forecast and the estimated relationship between inventories and sales,…
A: Inventory refers to those goods/units which is purchased by the manufacturing business for the…
Q: During 2018, a textbook written by Mercer Co. personnel was sold to Roark Publishing, Inc., for…
A: There are two forms of accounting, which is being used. One is cash basis of accounting and other is…
Q: Vaughn Groomers is in the dog-grooming business. Its operating costs are described by the following…
A: Solution: Flexible budget is the budgeted cost to be incurred at different level of activity.…
Q: A company uses straight-line depreciation (round to the nearest whole month) and adjusts its…
A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…
Q: Hummer Company uses manufacturing cells to produce its products (a cell is a manufacturingunit…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: On May 1, Soriano Co. reported the following account balances along with their estimated fair…
A: Answer- Journal Entry to record the Soriano Acquisition - S.no Particular Debit Credit…
Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…
A: Auditor An auditor refers to the person who is responsible for reviewing the company’s financial…
Q: Prepare 2 T-Accounts, one for TA/R (using the gross amount) and one for the Allowance for Doubtful…
A: Trade Receivables A/C Particular Amount Particular Amount To Sales A/C (Balancing Figure)…
Q: Franklin Company established a predetermined fixed overhead cost rate of $36 per unit of product.…
A: Formula: Fixed cost spending = Budgeted fixed overheads - Actual Fixed overheads
Q: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is…
A: Fixed assets are those assets which are held by the business for longer period of time for use in…
Q: 16. Pocket Price: calculate the pocket price for the following product. Suggested Retail Trade…
A: Answer:- Definition of pocket price:- Pocket price can be defined as the list price which is…
Q: The pool rate is defined as the cost per unit of the cost driver for a particular activity cost…
A: The question is related to the Activity Based Costing. The details are given regarding the same.
Q: Required: 1. What is the financial advantage (disadvantage) of accepting the special order from the…
A: 1 Evaluation of the financial advantage from the special order Particulars Amount in $ No of…
Q: Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021…
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…
Q: 1. Compute total variable cost per unit. 2. Compute total fixed costs. 3. Prepare a flexible budget…
A: Budget refers to the estimation of the incomes and expenses for a specified future period as per the…
Q: Using the MACRS rate from the following table, what is the book value of a $3,500 computer after 5…
A: The book value at the end of 5 years is calculated as original cost less accumulated depreciation
Q: if land and buildings are R100000, vehicles R75000, equipment 80000 and cash and cash equivalent…
A: Non-current assets are assets that are not expected to be acquired within one year of accounting.…
Q: Required: Identify the type of accounting change this decision represents and prepare the journal…
A: Solution:- Given, Accounting change:- Change in accounting principle, change in estimates and prior…
Q: Karim Corporation requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost…
A: In the given question, Karim Corporation's cash receipts and payments are mentioned. We have to…
Q: You purchase a KD 3000 face value bond with 5 years remaining in its maturity period. The bond has…
A: Bonds represent the form of finance raised by the company from the outsiders in the form of…
Q: Last year Minden Company introduced a new product and sold 25,300 units of it at a price of $95 per…
A: Computation of net operating income/loss Sales - variable cost - fixed costs 25300 units * ($95 -…
Q: Sheridan’s journal entries
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Need in 10 minutes
12. ABC Company received its bank statement for the month ending May 31. The bank statement indicates as a balance of P32,400. The cash account as of the close of business on May 31 has a balance of P8,350. In recording the balances, the following items are discovered:
(a) Collection by bank of note for P1,500 less collection fees of P250.
(b) Deposits in transit, P51,000.
(c) The bank charged the depositor P800 for overdrafts.
(d) Checks outstanding on May 31, P79,100.
(e) A canceled check issued to XYZ for P4,500 was not recorded on ABC Company’s books.
How much is the adjusted balance of cash?
Step by step
Solved in 2 steps
- As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0Weave Company received a bank statement for the month of August. The bank statement showed the following information: Balance 1 August $68,326 Deposits 45,300 Cheques processed (63,222) Service charges (50) Monthly deposit into saving account directly (26,120) Deducted by bank from account (780) Balance, 31st August $49,574 Weave Co’s general ledger account had a balance of $78,304 at the end of August. (i) Deposits shown in the general ledger account but not in the bank amounting to $8,200; (ii) all cheques written by the company were processed by the bank except for those totaling $8,420; (iii) A $2,000 cheque to a supplier correctly recorded by the bank but was incorrectly recorded by the company as $200 credit to cash. Required: 1. Prepare a bank reconciliation statement for the month of August. 2. Prepare the necessary journal entries at the end of August to adjust the general ledger cash account.On March 2, 2022, Jenny received its bank statement of the month ending February 28. The statement showed a P209,500 balance while the cash account balance on February 28 was P35,000. In reconciling the balances, the following were noticed: a. The February 28 collections of P176,000 were recorded on the books but were not deposited until March. b. The bank service charges for the month of February totaled P3,000. c. A paid check for P24,300 was entered incorrectly in the cash payments journal as P34,200. What is the total outstanding checks at February 28, 2022?
- 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?The 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?On December 31, Blossom Ltd. had a cash balance of $18,390 in its general ledger. The bank statement from the National Bank on that date showed a balance of $15,330. A comparison of the bank statement with the Cash account revealed the following: 1. 2. 3. 4. 5. (a) Cheques outstanding on November 30 totalled $3,980. Of these, $2,600 worth cleared the bank in December. All cheques written in December cleared the bank in December. A deposit of $2,390 made on December 31, was not recorded by National Bank until January 5. Supplies of $1,010 were paid via EFT during the month of December. The company has already recorded these. The bank statement showed automatic EFT withdrawals for utility payments totalling $1,500. The bank statement included service charges and debit and credit card processing fees of $550. Prepare the bank reconciliation at December 31. (List items that increase balance as per bank & books first.) BLOSSOM LTD. Bank Reconciliation December 31
- The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…hi, this is for my accounting homework. 1. ABC Corporation recorded debits of P2,500,000 and credits of P2,450,000 in the Cash in Bank account during the month of September. The beginning balance was P300,000. Among the transactions recorded in the books was a credit memo of P150,000 and debit memo of P20,000 from August. The September bank statement received on October 5 showed that the bank collected P50,000 from a customer on behalf of the corporation and charged P3,000 for its services. What is the correct amount of cash receipts during September? 2. Using the same information in the previous problem, what is the correct amount of cash disbursements during September?Use the information below to prepare a bank reconciliation for XYZ Company for the month of January. ∙ Outstanding checks as of January 31 amounted to $4,446. ∙ Deposits in transit as of January 31 amounted to $3,758. ∙ The ending balance per the January bank statement is $79,048 ∙ The bank statement shows that Martindale earned $300 of interest on its bank balance for the month of January. ∙ The company pays its rent of $1,972 by EFT. ∙ The bank collected Dividend Revenue for the company, $12,000. ∙The bank statement shows an EFT receipt (cash inflow into the bank for XYZ) from a customer of $962. ∙ There was a NSF check on the bank statement for $696. ∙ There was a bank charge for $40 listed on the bank statement. ∙ The ending cash balance per the books for January before any adjustments was $67,806. Prepare the bank reconciliation for XYZ Company for the month of January
- ठी = =On July 31, 2025, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. 3. 4. 5. 6. (a) The bank service charge for July was $20.00. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. Company check No. 2480 issued to L. Taylor, a creditor, for $394.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $349.00. Checks outstanding on July 31 totaled $1,979.10. On July 31, the bank statement showed an NSF charge of $685.00 for a check received by the company from W. Krueger, a customer, on account. Prepare the bank reconciliation as of July 31. (List…Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
