Exercise 17-23 Reciprocal-Services Method; Bank (Appendix) (LO 17-6)Tuscaloosa National Bank has two service departments, the Human Resources (HR) Department and the Computing Department. Thebank has two other departments that directly service customers, the Deposit Department and the Loan Department. The usage of thetwo service departments' output for the year is as follows:User of ServiceHRComputingDepositLoanProvider ofServiceHRComputingHR18%68%3806Computing15%The budgeted costs in the two service departments for the year are as follows:$153,000229,500580535%Required:Use the reciprocal-services method to allocate the budgeted costs of the HR and Computing departments to the Deposit and Loandepartments. (Round intermediate calculations and final answers to the nearest dollar amount.)Provider of ServiceAllocation of HR Department costsAllocation of Computing Department costsTotal costs allocated to each department$DepositOSLoan

The methods for cost allocation are classified as direct, step and reciprocal method. Using the…

Answered: Exercise 17-23 Reciprocal-Services…

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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Required information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $13,511 debit balance and its bank statement shows $13,357 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,312. b. The June 30 bank statement lists a $40 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $389 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $398. d. The June 30 cash receipts of $2.435 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Entries from bank reconciliation LO P3 Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. Note:…
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