On June 1, 2018, Sheffield Inc. reported a cash balance of $12,900. During June, Sheffield made deposits of $4,980 and made disbursements totaling $14,900. What is the cash balance at the end of June? a. $17,880 debit balance b. $2,980 credit balance c. $2,000 credit balance d. $2,980 debit balance
Q: Need answer the general accounting question please answer
A: Step 1: Define Stockholders' EquityStockholders' Equity represents the residual interest in a…
Q: Please solve this question answer financial Accounting question
A: Step 1: Define Adjusted Cost BasisThe adjusted cost basis is the cost value of any asset or security…
Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…
A: At the end of the accounting period, we need to close temporary accounts (revenue, expense, and…
Q: Cindy's Limo Service provides transportation services in and around Middleville. Its profits have…
A: To calculate the total differential costs resulting from the expansion, we need to account for costs…
Q: Global Trading imported goods worth $50,000. Additional costs include: freight $3,000, import duty…
A: Step 1: Write the Total Cost of Inventory FormulaStep 2: Identify the given dataStep 3: Calculate…
Q: I want to this question answer general Accounting
A: Step 1: Define Direct Labor VariancesDirect labor variance occurs when there arises a difference…
Q: How much was the cost of goods sold
A: Step 1: Information providedBeginning inventory = $75,000Purchases = $200,000Ending inventory =…
Q: Need help with this general accounting question not use chatgpt
A: Step 1: Introduction to accounts receivableAccounts receivable refers to the customers who have…
Q: financial accounting question
A: Step 1: Formula Expected return = Risk-free rate + (Market risk premium x Beta)Beta = (Expected…
Q: General Accounting
A: Step 1: Define Net SalesNet Sales refers to the company's total sales revenue after deducting…
Q: financial accounting question
A: To find the expected return on the market, we can use the Capital Asset Pricing Model (CAPM)…
Q: What is summit's contribution margin rate ?
A: Step 1: Definition of Contribution Margin RateThe Contribution Margin Rate is the percentage of…
Q: What is the degree of operating leverage on these financial accounting question?
A: 1. Find Contribution Margin:Contribution Margin = Sales - Variable Expenses(Given: Contribution…
Q: General Accounting question
A: Step 1: Define Product CostManufacturing Cost is also called the product cost. These costs include…
Q: General Account
A: Step 1: Understand the ProcessMaterials are added at the beginning of the process, so all units that…
Q: Need help with this general accounting question please solve
A: I believe what is being asked here is the contribution margin per tart which is eventually used to…
Q: Provide this general account solutions
A: Calculation of Direct Labor CostDirect Labor Cost = Direct Labor hours x Direct Labor Wage Rate…
Q: Kindly help me with general accounting question
A: Step 1: Define Other Comprehensive Income (OCI)Other Comprehensive Income (OCI) refers to the…
Q: Account tutor help
A: To calculate the Labor Quantity Variance (LQV), we use the following formula: Labor Quantity…
Q: General Accounting
A: Approach to solving the question: To compute the cost of goods sold, we get the difference between…
Q: ?
A: Explanation of Direct Labor Price Variance:Direct Labor Price Variance measures the difference…
Q: asap answer no ai please. # general Account
A: Product Costs: These are expenses that are either directly or indirectly related to the production…
Q: Need help
A: The question requires the determination of the contribution margin. The contribution margin can be…
Q: Financial accounting question
A: Step 1: Define Margin LoanA broker informs the customer that a portion of the amount is available…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) measures the cash generated…
Q: First Boston Corporation acquired 80 percent of Gulfside Corporation common stock on January 1,…
A: Approach to solving the question: Detailed explanation: Data20X7 INCOMENoncontrolling…
Q: Bright Printing uses process costing. Department A had 2,000 units in beginning work in process (60%…
A: Concept of Beginning Work in Process (WIP):Beginning Work in Process (WIP) refers to partially…
Q: Provide correct answer general Accounting
A: Step 1: Define Purchased GoodwillGoodwill is an intangible asset that represents the excess amount…
Q: Hello tutor please provide correct answer general accounting
A: The question requires the determination of the expected return of a stock.The expected return is the…
Q: A company sold office furniture costing $12,700 with accumulated depreciation of $10,150 for $2,200…
A: Calculate the Book Value of the FurnitureThe book value is the original cost of the furniture less…
Q: General Accounting question
A: Step 1: Define Material VarianceMaterial variance refers to the difference between the standard cost…
Q: Hi expert provide correct answer general accounting
A: Step 1:First, calculate the degree of combined leverage: Degree of combined leverage = Degree of…
Q: Crane Construction Co. has consistently used the percentage-of- completion method of recognizing…
A: Given DataContract Price: $27,000,000Percentage of Completion:2018: 10%2019: 40%Estimated Total…
Q: General accounting
A: Step 1: Define Income SummaryAn income summary is a temporary account that is created by the company…
Q: General accounting
A: To calculate the Free Cash Flow (FCF), we use the formula: FCF =NOPAT +Depreciation −Capital…
Q: Vicco Inc. has Assets of $296,155 and Liabilities of $81,959. The firm has 13,740 shares of stock…
A: Explanation: We are provided with the following data:Assets = $296,155; Liabilities = $81,959; No.…
Q: Silver Enterprises started the year with the following: Assets $70,000; Common Stock $20,000;…
A: To determine Silver Enterprises' liabilities at the end of the year, we use the accounting equation:…
Q: Use the following information to calculate cash paid for income taxes... Please answer the general…
A: Approach to solving the question: debitcredit58,00014,80012,500 70,50014,80055,700 or Income tax…
Q: What was his net income?
A: Step 1: Define Net IncomeIn finance and accounting, net income is the total income to an individual…
Q: The following 2017 budget information relates to Target Corporation unit production: Quarter Units 1…
A: Step 1: Information GivenQuarterly Production:Q1: 20,000 unitsQ2: 25,000 unitsQ3: 30,000 unitsQ4:…
Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…
A: First, we need to calculate the consolidated net income. This is done by adding the net income of…
Q: Hello tutor provide correct answer the general accounting question
A: Step 1: Long term assets, also known as fixed assets or non current assets which doesn't not have…
Q: I want to this question answer please solve this question general Accounting
A: Step 1: Define Market-Book RatioThe market-book ratio compares the stock's market value to its book…
Q: Provide correct answer general Accounting question
A: Step 1: Define Ending InventoryEnding inventory is the level of finished goods left with the company…
Q: Ashton Enterprises has net working capital of... Please need answer the general accounting question
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Determine cash withdrawals for the period if net income is $53,000, beginning owner's equity is…
A: Explanation of Net Income: Net income, shown as $53,000 in this case, represents the total profit…
Q: Please given correct answer general accounting
A: Calculate Total Income:Wages ($3,000) + Taxable Interest Income ($1,500) = $4,500. Determine…
Q: Hi expert provide correct answer general accounting
A: Step 1: Define Total AssetsThe items of an organization that represent its total worth in the form…
Q: Please solve this question general accounting
A: Step 1: Formula Degree of operating leverage = %Change in EBIT/%Change in Sales Step 2: %Change in…
Q: Need General Accounting Questions Solution
A: 1. As a business changes how it operates, such as by introducing new products, expanding into new…
What is the cash balance at the end of june
Step by step
Solved in 2 steps
- Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?Kingbird, Inc.'s bank statement from Main Street Bank at August 31, 2017, gives the following information. Balance, August 1 August deposits Checks cleared in August Bank credit memorandum: $18,770 Bank debit memorandum: 71,370 Safety deposit box fee $ 105 68,598 Service charge Balance, August 31 125 130 21,432 Interest earned A summary of the Cash account in the ledger for August shows the following: balance, August 1, $19,070; receipts $74,370; disbursements $73,49o; and balance, August 31, $19,950. Analysis reveals that the only reconciling items on the July 31 bank reconciliation were a deposit in transit for $4,880 and outstanding checks of $4,580. In addition, you determine that there was an error involving a company check drawn in August: A check for $400 to a creditor on account that cleared the bank in August was journalized and posted for $40. Determine deposits in transit. Deposits in transit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Determine outstanding…The following information is for Dylex Corporation: a Balance per the bank statement dated July 31, 2014 is $29,050. b. Balance of the Cash account on the company books as of July 31, 2014 is $15,555. c. Bank service charges for the month amount to $30. d. Included with the bank statement was a $25 credit memorandum for interest eamed on the bank account during the month. e. Bank deposit on July 31, 2014 for $1,400 does not appear on the bank statement 1. Cheque #391, for office supplies in the amount of $924, was recorded in the Cash Disbursements Journal incorrectly as $9.924 g. Included with the bank statement was an NSF cheque for $700 that had been received from a customer in payment of his account h. Cheques written that had not cleared the bank by July 31, 2014 were #412: $1,400 #401 $1,450 # 402 $1,200 #400 $1,350 #415 $1,200 Prepare a bank reconciliation statement as of July 31, 2014, as well as the necessary adjusting journal entries. Enter the transaction letter as the…
- Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan determinedthat as of May 31 it had cash receipts of $2,500 that were not yet deposited and checks outstanding of $7,224.Calculate Shan’s correct May 31, 2018, cash balance.Below is information about Lisa Ltd’s cash position for the month of June 2019. 1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May. 2. The cash receipts journal showed total cash receipts of $292,704 for June. 3. The cash payments journal showed total cash payments of $265,074 for June. 4. The June bank statement reported a bank balance of $41,184 on 30 June. 5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70, and no. 3462, $410. 6. Cash receipts of $10,090 for 30 June were not included in the June bank statement. 7. Included on the bank statement were: a dishonored cheque is written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 Required: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash…Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments andcalculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…
- Below is information about Lisa Ltd’s cash position for the month of June 2019.1. The general ledger Cash at Bank account had a balance of $21,200 on 31 May.2. The cash receipts journal showed total cash receipts of $292,704 for June.3. The cash payments journal showed total cash payments of $265,074 for June.4. The June bank statement reported a bank balance of $41,184 on 30 June.5. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 andno. 3462, $410.6. Cash receipts of $10,090 for 30 June were not included in the June bank statement.7. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120Required:a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash…The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank statement as of that date showed a balance of $7,470. Upon comparing the statement with the cash records, the following facts were determined. 1. 2. 3. 4. 5. 6. 7. (a) There were bank service charges for June of $45. A bank memo stated that Bao Dai's note for $2,160 and interest of $64.80 had been collected on June 29, and the bank had made a charge of $9.90 on the collection. (No entry had been made on Sheffield's books when Bao Dai's note was sent to the bank for collection.) Receipts for June 30 for $6,102 were not deposited until July 2. Checks outstanding on June 30 totaled $3,844.89. The bank had charged the Sheffield Co.'s account for a customer's uncollectible check amounting to $455.76 on June 29. A customer's check for $162 (as payment on the customer's Accounts Receivable) had been entered as $108 in the cash receipts journal by Sheffield on June 15. Check no. 742 in the amount…On May 31, 2017, Reber Company had a cash balance per books of $7,051.50. The bank statement from New York State Bank on that date showed a balance of $6,674.60. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $50.00 for the printing of additional company checks. 2. Cash sales of $632.00 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $682.00. The bank credited Reber Company for the correct amount. 3. Outstanding checks at May 31 totaled $882.25. Deposits in transit were $2,686.15. 4. On May 18, the company issued check No. 1181 for $692 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Reber Company for $629. 5. A $3,270.00 note receivable was collected by the bank for Reber Company on May 31 plus $90.00 interest. The bank charged a collection fee of $30.00. No…
