Quiz 16

#16

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Using the stylized balance sheet below, please 1) finish the balance sheet, and 2) use that information to answer the following question, entering your answer in the place provided. Avg. Avg. Amount Amount Interest Interest Demand Vault Cash $1,573 $1,123 Deposits US Treas. Savings 3.43% 2,212 3.02% 8,497 Securities Deposits Consumer/Bus. 8.23% 15,315 CD's 3.54% ???? Loans Mortgage 6.82% 8,719 Borrowings 3.10% 2,747 Loans Property 2,032 Equity 3,423 Equipment Total Liab.& Total Assets ???? ???? Equity What is the net interest income the this bank? (Please enter the answer to the nearest penny!) ed 39,211.64 ver 1,091.41 margin of error +/- 1

N3. Account

Please answer letter B

What I can Do Activity 3.4 Reconcile Me 1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015. On this date the balance of cash per books is P11,589.45. Additional information is provided below: Deposits in transit: April 30 deposit (received by the bank on viay 1) P2,201.40 Outstanding checks: No. 453-P3,000.00 No. 457-P1,401.30 No. 460-P1,502.70 Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, he recorded the check as P1,262.00. Bank memoranda: Debit- NSF check from Pedro P425.60 Debit- Charge for printing company checks P30.00 Credit - Collection of note receivable for P1,000 pius interest earned of P50, less bank collection fee of P15.00. Required: Prepare a bank reconciliation statement using the adjusted method. Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank Credit Memo are additions made by the bank to the account of the aepositor. 2. The company…

Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time Deposits D.Credit Accounts  The cash ledger showed a balance of P2M, while the bank statement showed a balance of P800,000. What item must be reconciled to balance the cash ledger and bank statement? A. P1.2M deposit in transitB. P1.2M outstanding check C. P1.2M book error  D. P1.2M debit memo Which of the following is not a bank reconciling items? A. Deposit in Transit B. Credit Memo C. Bank Error D. Outstanding Checks

question 17 choose the correct answer from the choices

Q1

Q6

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QUESTION 1 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 1. The Cash Book showed a credit balance of R5 956 while the bank statement reflected a favourable balance of R4 794 on Balance per Cash Book R6 500 credit 31 October 20.19. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the Credit balance of R5 965 will be shown as follows: Credit side of Bank account as R5 956 Will not be shown in the Bank account or Bank reconciliation Debit side of Bank account as R5 956 Debit column of Bank reconciliation as R5 956 Credit column of Bank Reconciliation as R5 956

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Q 2: Describe how companies value accounts receivable record their disposition and what is the difference between a account receivable and a note receivable? .................................... Q1: Discuss fraud and the principles of internal control and how using of a bank contributes significantly to good internal control over cash ?

EB8.  LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous question)   LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: $2,928 Deposits in transit: $1,111 Outstanding checks: $679 Bank charges: $35 Notes receivable: $1,325; interest: $235