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. The bank has two other departments that directly service customers, the Deposit Department and the Loan Department. The usage of the two service departments' output for the year is as follows: Provider of Service Computing User of Service HR HR 15% Computing Deposit 10% 60% 50% Loan 30% 35% The budgeted costs in the two service departments for the year are as follows: HR $153,000 229,500 Computing

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. The bank has two other departments that directly service customers, the Deposit Department and the Loan Department. The usage of the two service departments' output for the year is as follows: Provider of Service Computing User of Service HR HR 15% Computing Deposit 10% 60% 50% Loan 30% 35% The budgeted costs in the two service departments for the year are as follows: HR $153,000 229,500 Computing

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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Exercise 7-8 (Algo) Computing and Interpreting Activity Rates [LO7-3] The operations vice president of Security Home Bank is investigating the efficiency of the bank's operations. She is concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank's various branches. If the branches with the most efficient operations can be identified, their methods can be studied and replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt to show how those costs are related to the various services provided by the bank. The operations vice president has asked for your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions. The Westfield branch of Security Home Bank submitted the following cost…
Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…
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Problem 3-12 (AICPA Adapted) Loquacious Company prepared the following bani reconciliation on June 30. Balance per bank Deposit in transit Outstanding checks 9,800,000 400,000 (1,400,060) 8,800,000 Balance per book There were total deposits of P6,500,000 and charges for. disbursements of P9,000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Deposit in transit totaled P600,000 and checks outstanding amounted to P1,000,000 on July 31. 1. What is the adjusted cash in bank on July 31? a. 7,300,000 b. 7,900,000 с. 6,900,000 d. 6,300,000 2. What is the cash balance per book on July 31? а. 6,900,000 b. 7,300,000 c. 6,300,000 d. 8,800,000 3. What is the amount of cash receipts per book in July? a. 6,700,000 b. 6,500,000 с. 6,300,000. d. 7,100,000 4. What is the amount of cash disbursements per book in Julv? а. 8,600,000 b. 7,600,000 с. 9,400,000 d. 8,400,000
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Account inquiry (hours) Account billing (lines) Account verification (accounts) Correspondence (letters) The above activities are carried out at two of its regional offices. Activities $78,000 2,000 hours $41,000 20,000 lines $16,000 22,000 accounts $12,000 1,400 letters Account inquiry (hours) Account billing (lines) Account verification (accounts) Correspondence (letters) Northeast Office 180 hours 16,000 lines 1,400 accounts 70 letters Midwest Office What is the cost per letter for the correspondence activity? (Round your answer to the nearest cent.) 300 hours 7,000 lines 600 accounts 130 letters OA. $6.00 B. $29.29 O C. $8.57 OD. $0.73 1
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Comprehensive Problem 3Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank. Date Description Debit Credit Dec. 31
P8-7 Preparing a bank reconciliation and journal entries [20–25 min] This problem continues the Draper Consulting situation from Problem 7-6 of Chapter 7. Draper performs systems consulting. Draper's February Cash from its general ledger is as follows: Cash Jan 31 Bal Feb 6 Feb 13 Feb 20 Feb 27 Feb 1 Feb 14 Feb 14 Feb 28 Feb 28 Chq 207 Chq 208 Chq 209 Chq 210 Chq 211 23 115 4 300 2 930 2 800 4 800 3 690 825 1 455 190 550 Feb 28 Unadj. Bal 30 015 Draper's bank statement dated 28 February 2016, follows: BANK STATEMENT FOR FEBRUARY 2016 Beginning balance, 31 January 2016 Deposits and other credits: $23 510 Feb 1 $ 700 Feb 8 2 930 Feb 14 2 800 Feb 20 EFT Hip Hop Hats-a customer 400 Feb 22 4 800 Feb 28 Interest credit 22 11 652 Cheques and other debits: Feb 2 EFT to Paper Products 2$ 9 Feb 2 chq206 Feb 18 chq207 1 095 4 300 Feb 19 chq209 1 455 Feb 28 EFT to The Cable Co. 85 Feb 28 chq208 825 Bank service charge 18 (7 787) Ending balance, 28 February 2016 $27 375 Requirements 1 Prepare the…