At March 31, Band-Aid Co. had a book balance in its cash account of $5,600. At the end of March, the company determined that it had outstanding checks of $900, deposits in transit of $900, a bank service charge of $20, and an NSF check from a customer for $280. The true cash balance at March 31 is: A. $5,300 B. $5,320 C. $5,600 D. $4,700
Q: Please Solve this problem
A: solution of the given question is like aS: Starting bank statement balance: $40000 Outstanding…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1: General Account Entries on Invoice: Following below are the conventional entries in the…
Q: Provide such correct Answer
A: Option a) Performing a service on account for a customer: This option is correct because performing…
Q: Solve this problem with question solution for correct answer
A: Step 1: A) Given that, Net Sales = $2.46 billionsGross profit margin = 13% Gross Profit = Net Sales…
Q: In AIS, managing and carrying out the systems development life cycle to achieve an intended outcome…
A: The question is asking for the term used in Accounting Information Systems (AIS) to describe the…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: The incremental revenues are comp30uted as under: SpockUhuraSulu Sales revenue after further…
Q: dont provide AI solution ........ What is the formula for calculating the debt-to-equity ratio?…
A: The debt-to-equity ratio is a financial metric that compares a company's total debt to its total…
Q: Question 1 The following balances were extracted from the accounts of the Fishermen’s Pub at 31st…
A: Step 1: Food Beverages…
Q: BioFarm Company had the following cash balance items listed in its trial balance at December 31,…
A: Under the International Financial Reporting Standards (IFRS), a company's cash balance is calculated…
Q: answer must be in proper format or i will give down vote
A: Thank you.
Q: Question: The general ledger account for Accounts Receivable shows a debit balance of $50,000.…
A: Part 1: Allowance for Uncollectible Accounts using Percentage of Net Sales Method1. Calculate the…
Q: am. 104.
A: Let's select a company that produces healthy food/beverages. We'll call this company 'Healthy Foods…
Q: Please solve this problem
A: Step 1: Introduction To The Dividends:A dividend is an amount paid to shareholders in a company out…
Q: None
A: We should determine the amount that would be recorded for cash on the balance sheetLet us reconcile…
Q: dal.3 answer must be in proper format or i will give down vote
A: Finishing Department:1. Direct Labor-Hours Calculation:Direct labor cost: $232Direct labor wage…
Q: I need help with question
A: Step 1: Introduction to the Bank Reconciliation:A bank reconciliation involves comparing the balance…
Q: Help with question solution
A: Step 1: Introduction to the Double-Entry Accounting:The double-entry accounting system means that…
Q: None
A: Detailed explanation:a. Annual Depreciation using straight line method :Formula : Annual…
Q: Please provide the correct answer
A: The Degree of Operating Leverage (DOL) measures the sensitivity of operating income to changes in…
Q: please provide answer with explanation
A: Step 1: Introduction to the Preferred SharePreferred shares are the share that has superiority over…
Q: Question: Differential Analysis for a Lease or Sell Decision: Inman Construction Company is…
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: None
A: To calculate the Cost of Goods Sold (COGS), you can use the following formula:COGS = Beginning…
Q: PLEASE HELP ME SOLBE THIS. I can't get the steps right. Quesiton: Determine the total cost and…
A: The total cost per bar for each product line can be calculated by adding the direct material cost,…
Q: Alia Co. can further process Product X to produce Product Y. Product X is currently selling for $20…
A: Step 1: Definition of Differential Cost:If a company is faced with two or more alternatives, the…
Q: Please solve this problem with correct solution
A: Step 1: Introduction to the Net Profit:Net profit or net income is the ultimate profit generated by…
Q: None
A: Step 1 - Revenue CalculationRevenues are calculated by multiplying the number of units sold by the…
Q: The following Trial balance was extracted from the book of F.Sorly on 30 April 20x7 From it and the…
A: First, we need to prepare the Profit and Loss Account for the year ended 30 April 20x7. This account…
Q: please provide correct solution of this question
A: Here's why:The bank service charge of $7 needs to be recorded as an expense in Hensley, Inc.'s…
Q: Need answer
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: I need help with problem
A: Balance per ledger 1,869.60 Balance per bank statement 1,951.20 NSF check (61.20) Deposit…
Q: I need
A: Hi student! First, let's understand what DOL (Degree of Operating Leverage) is. The DOL measures how…
Q: provide answer of this question with exp.
A: Step 1: Calculation of equivalent number of units of materials.Equivalent number of units of…
Q: Need answer
A: Step 1: Step 2: Step 3: Step 4:
Q: Provide Solutions
A: Step 1: Introduction to the Cash Collected From Customers:Cash collected from customers is the…
Q: I want Solution please provide it
A: To determine the adjusted cash balance per the bank records for Ryan Company, we need to account for…
Q: Please provide correct solution
A: The problem requires the determination of the DOL or the Degree of Operating Leverage. The DOL…
Q: Want such correct option
A: Differential AnalysisInman Construction CompanyLease or Sell DecisionJanuary 3,…
Q: Need help
A: To project Devaney Convenience's net income for 2019, we need to these steps:Forecast 2019 sales by…
Q: Need answer please provide Solution
A: Given that, Beginning work in process = 5,000 * (1-60%) = 5000 x ( 1 - 0.6 ) = 5000 x 0.4 = 2000…
Q: Need help with this
A: To determine the amount of outstanding checks on Dekin Company's July bank reconciliation, we need…
Q: None
A: Part 1:Answer:Direct materials cost per equivalent unit: $1.40Conversion cost per equivalent unit:…
Q: I need help with question
A: Step 1: Introduction to the Bank Reconciliation:Bank reconciliation is one of the internal controls…
Q: None
A: To determine the revenue and gross profit (loss) for the Westgate Construction Company project,…
Q: Please provide correct solution
A: In bank reconciliations, the goal is to ensure that the bank's record of cash matches the company's…
Q: Please provide Answer in text Format
A: Feel free to ask for clarification if you have any questions or if you need additional answers.Feel…
Q: Provide Solutions with explanation of the question provide all questions answer
A: Question 1Step 1: Use the formula: Equity = Assets - Liabilities.Question 2Step 1: Use the formula:…
Q: Please solve this problem
A: Step 1: Introduction to the Balance Sheet:A balance sheet equation comprises the accounting elements…
Q: Provide correct solution
A: Step 1: Introduction to the Shareholder's equity:in finance Equity refers to the ownership of assets…
Q: Answer
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was…
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Step by step
Solved in 2 steps
- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DRCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
- On November 30, Hernandez Company's bank statement showed an ending balance of $37,361. The following information is available about Hernandez's account: Debit memo in bank statement for bank service charge, $47 Deposit in transit, $3,008 Outstanding checks, $3,196 Customer's NSF check for $743 was returned with the bank statement Required: b) Determine the unadjusted balance of the company's Cash account as of November 30.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 0please explain properly
- Burlywood Corp.'s ledger balance of cash as on December 31 is $4,425. It provides the following details for the month of December: Note collected (principal, $800.00; interest, $8.00, signed by Johnson) $808 Error in recording check No. 2234 payable to Beta, Inc.* 50 Bank service and collection charges 15 *The amount of $445, check No. 2234 payable to Beta, Inc., was recorded as $495 ($495 − $445)Determine the adjusted ledger balance of cash as on December 31. a.$3,682 b.$5,268 c.$3,582 d.$5,168Rexrode Company's bank statement at January 31 showed an ending balance of $24,712.80. The unadjusted cash account balance for Rexrode is $21,245.75. The following data were gathered by Rexrode's accountant: Outstanding checks as of January 31: $4,895.44 ● NSF check from customer: $183.62 • Debit memo related to the returned deposit: $20.00 Credit memo for interest earned: $12.00 • Deposits in transit: $1,236.77 Required: a. Prepare a bank reconciliation for Rexrode Company at January 31. b. Indicate how each of the required adjusting entries impact the financial statements. . • Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Round your answers to 2 decimal places. Item Outstanding checks NSF check from a customer Debit memo related to the…3. Calculate the adjusted company book cash balance from the following information: On July 31st , after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202. A credit memo included with the bank statement indicates that the bank collected $770 on a note receivable. A debit memo included with the bank statement shows a $67 NSF check from a customer ,Noora. Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450, but was recorded in the accounting records as $2,540. Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges. It has not been recorded on the company's books.
- Brown Company's bank statement for September 30 showed: Bank statement balance. $4,210 Book balance of cash. $6,560 The following information was also available as of September 30 a. A customer's check for $950 marked NSF was returned to Brown Company by the bank, In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918.Acme Company has received its bank statement for the month ending May 31, which showed the following: Ending balance $10,650.05 NSF check 63.40 Service charge 10.70 After checking the bank statement and accounting records, the accountant has determined the following: The May cash balance per books is $10,781.76. The bank’s service charge and NSF check were not entered by the bookkeeper. A $354.60 deposit made on May 31 is not on the bank statement. Outstanding checks total $296.99. Prepare a proper bank reconciliation in proper format.As of June 30, Year 2, the bank statement showed an ending balance of $17,806. The unadjusted Cash account balance was $16,167. The following information is available: 1. Deposit in transit, $2,195. 2. Credit memo in bank statement for interest earned in June, $14. 3. Outstanding check, $3,834. 4. Debit memo for service charge, $14. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2 Unadjusted book balance 6/30/Year 2 True cash balance 6/30/Year 21