Bank reconciliation of B Company as at July 31, 2017.

Question

Financial data for Hunger Games Company for last year appear below: Hunger Games Company Statements of Financial Position Beginning Balance Ending Balance Assets: Cash $120,700 $220,000 Accounts receivable 225,000 475,000 Inventory 317,000 390,000 Plant and equipment (net) 940,000 860,000 Investment in Katniss Company 100,000 98,000 Land (undeveloped) 198,000 65,000 Total assets $1,900,700 $2,108,000 Liabilities and owners' equity: Accounts payable $178,700 $8,000 Long-term debt 512,000 600,000 Owners' equity 1,210,000 1,500,000 Total liabilities and owners' $1,900,700 $2,108,000 equity

Answer 1

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

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Financial data for Hunger Games Company for last year appear below: Hunger Games Company Statements of Financial Position Beginning Balance Ending Balance Assets: Cash $120,700 $220,000 Accounts receivable 225,000 475,000 Inventory 317,000 390,000 Plant and equipment (net) 940,000 860,000 Investment in Katniss Company 100,000 98,000 Land (undeveloped) 198,000 65,000 Total assets $1,900,700 $2,108,000 Liabilities and owners' equity: Accounts payable $178,700 $8,000 Long-term debt 512,000 600,000 Owners' equity 1,210,000 1,500,000 Total liabilities and owners' $1,900,700 $2,108,000 equity

Liability?

Answer 2

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

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Answer 3

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

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Answer 4

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

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Answer 5

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

Answer 6

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

Answer 7

Chapter 6, Problem 4PSA

1.

To determine

To prepare: Bank reconciliation of B Company as at July 31, 2017.

Answer 8

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

Answer 9

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

Answer 10

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Answer 11

a.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Answer 12

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

Answer 13

b.

To determine

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

Answer 14

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Answer 25

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

Bank reconciliation of B Company as at July 31, 2017.

Concept explainers

To prepare: Bank reconciliation of B Company as at July 31, 2017.

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2017.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to the bank’s collection of $8,000 less collection fee which is added to the bank statement cash balance on the reconciliation.

Chapter 6 Solutions