Beginning Balance125,500(a)14,860(b) 38,460DebitWhat is the ending balance of the Cash account?Multiple ChoiceOOO$135,620$222,020O$28,980Cash$115,380Credit(c)an(d)(e)(f)(g)6,1605,9607,56012,16011,360

Cash account is an account that includes cash inflow and outflow. All the receipts are debited to…

Debit Beginning Balance (a) (b) Multiple Choice What is the ending balance of the Cash account? $135,620 $222,020 $28,980 Cash $115,380 125,500 14,860 38,460 Credit (c) 6,160 (d) 5,960 (e) 7,560 (f) 12,160 (g) 11,360 bo

Debit Beginning Balance (a) (b) Multiple Choice What is the ending balance of the Cash account? $135,620 $222,020 $28,980 Cash $115,380 125,500 14,860 38,460 Credit (c) 6,160 (d) 5,960 (e) 7,560 (f) 12,160 (g) 11,360 bo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Long Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO
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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…
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Probiem 9.4A (Static) Preparing a pank reconciliation statement ana journaiizing entries to aajust the cash balance. LO 9-5, 9-6 On August 31, 20X1, the balance in the checkbook and the Cash account of the Sonoma Creek Bed and Breakfast was $13,031. The balance shown on the bank statement on the same date was $13,997. Notes a. The firm's records indicate that a $1,600 deposit dated August 30 and a $601 deposit dated August 31 do not appear on the bank statement. b. A service charge of $28 and a debit memorandum of $230 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andy Stein, a credit customer.) c. The following checks were issued but have not yet been paid by the bank: $120 $130 $250 $577 $ 78 $120 Check 712, Check 713, Check 716, Check 736, Check 739, Check 741, d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records.…
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