If the company accounting records indicate the following for the bank: Opening amount $10,000 Deposits 30,000 Cheques-22,000 Closing balance $18,000 The bank statement indicates that the opening amount is $10,000, the deposits are 22,000 and the cheques that have cleared are 2,000, what is the amount of the float?

If the company accounting records indicate the following for the bank: Opening amount $10,000 Deposits 30,000 Cheques-22,000 Closing balance $18,000 The bank statement indicates that the opening amount is $10,000, the deposits are 22,000 and the cheques that have cleared are 2,000, what is the amount of the float?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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On October 31, your company's records say that the company has $18,588.13 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $7,403.37, and the bank has paid you interest of $20.24 and charged you $16.00 in service charges. The bank statement dated October 31, would report a balance of: (Round your answer to 2 decimal places.) Multiple Choice $11,189.00. $25,987.26. $11,180.52. $25,995.74.
prepare journa entries and bank rencoliation
The ending bank statement balance at November 30 is $6,850. The bank statement shows a service charge of $85, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $2,350 and outstanding checks are $1,535. The balance per books at November 30 is $7,600. What is the adjusted bank balance at November 30? A. $8,415 B. $6,915 C. $6,850 D. $7,665
3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
Bridgeport Company's bank statement for the month ended January 31 showed a balance per bank of $34,728. The company's Cash balance at January 31 was $16,398. Other information is as follows: 1. 2. 3. 4. 5. 6. 7. Cash receipts for January were $87,679, of which $5,295 was outstanding at January 31. The bank statement shows a debit memorandum for $135 for cheque printing charges. Cheque no. 119 payable to Sunland Company was recorded in the general journal and cleared the bank for $343. A review of the Accounts Payable subsidiary ledger shows a $131 credit balance in the account of Sunland Company and that the payment to it should have been for $474. The total amount of cheques written during January was $75,126, of which $5,979 was outstanding at January 31. Cheque No. 127 was correctly written and paid by the bank for $109. The general journal reflects an entry for cheque no. 127 as a debit to Accounts Payable and a credit to Cash for $190. The bank returned an NSF cheque from a…
The bank statement for ABC Corp. shows a balance of $14300. Use the following reconciling items to determine the company's adjusted (corrected) book balance. Outstanding checks: $600 Deposits in Transit: $590 Interest earned on deposits: $23 EFT's from ABC Corp Customers: $1370 Customer's check returned due to NSF: $1550 A
A) $ 2,667 10) Counte Company's cash balance at the end of the month was $ 5,500. After comparing the company's records with the monthly bank statement, Counte's accountant identified the following reconciling items: outstanding checks, $ 900; deposits in transit, $ 600; bank service charge, $ 20; NSF check, $ 200. What is the adjusted bank balance? A) $5,280 B) $ 5,580 C) $4,980 D) The adjusted bank balance cannot be determined.

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