Using the following information:a. The bank statement balance is $4,265.b. The cash account balance is $4,448.c. Outstanding checks amount to $835.d. Deposits in transit are $954.e. The bank service charge is $55.f. A check for $37 for supplies was recorded as $28 in the ledger.Prepare a bank reconciliation for Candace Co. for May 31.Candace Co.Bank ReconciliationLine Item DescriptionMay 31Amount AmountCash balance according to bank statementAdjusted balanceCash balance according to company's recordsTotal deductionsAdjusted balance

Bank Reconciliation statement is a record book of the transactions of a bank account. This statement…

following information: a. The bank statement balance is $4,26 b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was rece

following information: a. The bank statement balance is $4,26 b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was rece

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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On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
BMI Inc's March 31 bank statement balance was $70,000. As of March 31, outstanding checks total $22,000 and deposits in transit total $15,000 and a bank service charge of $150. Assuming there are no other reconciling items, what was the March 31 cash balance on Trane's book? A.$77,00 B.$63,000 C.$70,000 D.$107,000
Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement $ 453 597 23 Interest earned on the account Total of outstanding checks Deposits in transit Service charge and other fees True balance $6 223 62
Witten Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Revenue Employee salaries and wages Travel expenses Other expenses Fixed Element per Month O $113,748 O $133,400 O $141,400 O $139,600 $ S 55,100 43,100 Variable Element per Customer Served S S S A total of 27 customers were actually served during January. The total expenses in the flexible budget for January would have been closest to: 6,600 1,000 600
Using the following information: 1. The bank statement balance is $2,803. 2. The cash account balance is $3,256. 3. Outstanding checks amounted to $501. 4. Deposits in transit are $802. 5. The bank service charge is $143. 6. A check for $63 for supplies was recorded as $54 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's records Adjusted balance $
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The information below relates to the Cash account in the ledger of Wildhorse Company. Balance September 1—$17,180; Cash deposited—$64,400. Balance September 30—$17,764; Checks written—$63,816. The September bank statement shows a balance of $16,782 on September 30 and the following memoranda. Credits Debits Collection of $1,670 note plus interest $40 $1,710 NSF check: Richard Nance $605 Interest earned on checking account $55 Safety deposit box rent $75 At September 30, deposits in transit were $4,630, and outstanding checks totaled $2,563. Prepare the bank reconciliation at September 30. (List items that increase cash balance first. Reconcile cash balance per bank first.) Wildhorse CompanyBank Reconciliationchoose the accounting period select an opening name for section one (Cash balance per bank statement/ Deposits in transit/ Outstanding checks/ Collection of note receivable/ Bank service charge/…
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Given the following information, determine the adjusted cash balance per books from the following information: a. Balance per books as of June 30, $8,600. b. Outstanding checks, $820. с NSF check returned with bank statement, $130. d. Deposit mailed the afternoon of June 30, $300. e Check printing charges, $30. Interest earned on checking account, $12. Adjusted cash balance per books $
The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.
! Required information [The following information applies to the questions displayed below.] Greer Utsey earned $49,200 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the following employee share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answers to 2 decimal places. Federal income tax withholding Social Security tax Medicare tax State income tax withholding