Item 6 of 50Lazada is a retail mail order firm that currently uses a central collection system that requires all checks to be sent to its Manila headquarters. An average of5 days is required for mailed checks to be received, 4 days for Lazada to process them and 1.5 days for the checks to clear through its bank. A proposedlockbox system would reduce the mail and process time to 3 days and the check clearing time to 1 day. Lazada has an average daily collection ofP100,000. If Lazada should adopt the lockbox system, its average cash balance would increase bySelect the correct response:P800,000.P650,000.P400,000.P250,000.

In this we have to calculate the difference between number of days before and after the new system…

Answered: Item 6 of 50 Lazada is a retail mail…

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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Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount $ 2,000 Checks: 1,600 2,500 Deposits: 2/4 321 2/2 $4,000 2/11 322 2/8 450 2/18 323 2/12 1,800 2/25 3,400 324 2/19 1,500 Cash receipts: 2/26-2/28 900 325 2/27 250 $10,400 326 2/28 750 327 2/28 1,200 Balance on February 1 $ 6,100 $9,950 Receipts 10,400 Disbursements (9,950) Balance on February 28 $ 6,550 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $9,610. b. Cash receipts of $900 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $250 that did not clear the bank (NSF check). e. Check 323 was written for $2,500 for…
Asap Use the following information for the Exercises 12-13 below. (Algo)Skip to question [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,657 debit balance and its bank statement shows $15,640 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $1,844.The June 30 bank statement lists a $90 bank service charge.Check No. 919, listed with the canceled checks, was correctly drawn for $689 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 $698.The June 30 cash receipts of $2,780 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 P3Prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is…
Carl Roen had a balance of $1,700 in his checking account at First National Bank on a day when the bank received the following five checks for processing against his account. Check Number Check Amount Number Amount 3150 $135 3165 $750 3162 400 3166 1,710 3169 380 Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number? Fee revenue (1) Largest to smallest $ so (2) Smallest to largest $ 30 (3) In order of check number $ 60
33. subject:- Accounting
(BANK DEPOSITS) Serrano Company’s policy for store sales collections requires that the cashier must deposit its available cash on hand at the end of the day. Cutoff time is 4pm, meaning to say, all cash collections received for the day UNTIL 4pm will be deposited in its depository bank. The store office hours run from 8am to 5pm. Any cash collected after the cutoff until 5pm will be deposited the following day together with its cash collection for that day. The following details relate to November 5: Cash sales, per tape receipts (in coins and currencies) – 13,455 Petty cash fund – 3,000 Change fund – 1,000 Cash stored in the store vault collected after 4pm on November 4 – 540 Cash collections after cutoff, November 5 – 730 What is the amount of cash deposited in the bank on November 5?
Question Content Area Schedule of Cash Receipts Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checks are deposited immediately. The bank charges $0.70 per check; the amount per check averages $85. “Bad” checks that Rosita cannot collect make up 4 percent of check revenue. During a typical month, Rosita's has sales of $50,000. About 80 percent are cash sales. Estimated sales for the next three months are as follows: April $37,000 May 50,000 June 54,000 Required: Prepare a schedule of cash receipts for May and June. Round your intermediate computations and final answers to the nearest whole dollar. Rosita's Mexican RestaurantSchedule of Cash ReceiptsFor the Months of May and June May June Cash sales: $fill in the blank 1 $fill in the blank 2 Checks fill in the blank 3 fill in the blank 4 Total $fill in the blank 5 $fill in the blank 6
Required information [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $13,982 debit balance and its bank statement shows $14,264 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,928. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 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 $298. d. The June 30 cash receipts of $2,630 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare its bank reconciliation using the above information. Bank statement balance Add: Deduct: Adjusted bank balance DEL GATO CLINIC Bank Reconciliation June 30 Book balance Add: Deduct: Adjusted book balance
]Each month, $150 is available in petty cash funds for small office expenditures. Expenses paid from petty cash during the month are listed below. Postage $26.00 Office supplies $46.25 Delivery charge $ 9.50 Physician’s parking fee $12.00 What is the total for expenditures for the month from petty cash? Round your answer to the nearest cent and do not include the dollar sign ($) in your answer.
Jakarta Company provided the following information at month-end: Cash in the bank per bank statement P730,500 Deposit in transit 398,000 Outstanding checks (including a certified check of P37,600) 275,000 Note collected by the bank for the entity 59,200 Bank service charges 7,000 NSF checks of customers returned by bank 26,500 Error in recording a check in the book: Recorded amount P37,900 Check amount 39,700 How much is the unadjusted cash in the bank per ledger at month-end?
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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Petty cash fund had an opening balance of RO 300. During the month the receipts were RO 70 staff welfare, RO 75 petrol, 80 office stationery, and 45 travelling and there was RO 20 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 470 b. RO 280 c. RO 380 d. RO 480

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