Use the information below to answer the questions which follow.The bank reconciliation prepared by Kelce Karts on March 31, 2017, appeared as follows:Kelce KartsBank Reconciliation31-Mar-17Bank statement balance$14,600Book balance$32,268Add:Deposit of March 31 in transit20,764$35,364Deduct:Outstanding cheques:#79 $1,229# 84 1,867,3,096Adjusted bank balance$32,268Adjusted book balance$32,268The Cash account in the General Ledger appeared as follows on April 30:\table [[Cash, Acct. No. 101], [Date Explanation Debit Credit, Balance], [2017,]]A list of deposits made and cheques written during April, taken from the Cash Receipts Journal and CashDisbursements Journal, is shown below.Deposits Made\table[[April 7,$14,001.00

Step 1:a. Bank Reconciliation at April 30, 2017:Bank StatementCompany's BooksBank statement…

Answered: Use the information below to answer the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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All Things Auto is a retailer that purchases and sells vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with a merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s…
Required Information [The following information applies to the questions displayed below.] Professor John Morton has just been appointed chairperson of the Finance Department at Westland University. In reviewing the department's cost records, Professor Morton found the following total cost associated with Finance 101 over the last five terms: Term Fall, last year winter, last year Summer, last year Fall, this year winter, this year Professor Morton knows there are some variable costs, such as amounts paid to graduate assistants, associated with the course. He would like to have the variable and fixed costs separated for planning purposes. Total Cost (in dollars) 16,000 14,000 12,000 10,000 Required: 1. Prepare a scattergraph plot. (Plot total cost on the vertical axis and number of sections offered on the horizontal axis.) Instructions: 1. On the graph below, use the point tool (Fall last year) to plot number of sections offered on the horizontal axis and total cost on the vertical…
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Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects) Liabilities decrease and cash decreases Liabilities increase and the Income Statement decreases Liabilities decrease and the Income Statement increases Liabilities decrease and cash decreases No effect because the transaction was already booked when the customer purchased the gift card
Assignment 1 The following is the trial balance of Akwaaba Limited, a trading company, as at 31st December, 2016: Debit GH¢’000 Credit GH¢’000 500,000 Ordinary shares 14,500 8% Loan notes (2012 – 2017) 2,500 10% Preference shares (redeemable) 3,000 Revaluation surplus 800 General reserve 1,500 Retained earnings – 1/1/2016 3,600 Administration expenses 8,540 Selling & distribution expenses 5,600 Sales 68,865 Inventory - 31/12/2016 3,150 Cost of sales 35,500 Loan Note interest paid 195 Investment income 360 Leasehold building at valuation-1/1/2016 14,000 Plant and equipment– cost/depreciation 13,750 3,200 Computer equipment– cost/depreciation 7,200 2,000 Motor vehicles – cost/depreciation 1,500 400 Investment property 8,700 Trade receivables 9,200 Bank 910 Trade payables…
When estimated future bad debt expense, which account are debited/credited, respectively? Cash, Accounts Receivable Allowance for Uncollectibles, Accounts Receivable Bad Debt Expense: Allowance for Uncollectibles Accounts Receivable, Allowance for Uncollectibles
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The buyer and seller are scheduled to close the sales transaction on Wednesday, June 14. The taxes for the year were $3,500 and were paid in arrears. How would this appear on a closing statement? O A credit and debit to the seller. O A credit to the buyer and a debit to the seller. O A credit to the seller and a debit to the buver. • A credit and debit to the buyer.
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es Congress has enacted a number of regulations that have established criteria for evaluating home loan applicants and mandating disclosures in the origination of home loans. Which of the following congressional acts requires important disclosures concerning the cost of consumer credit, including the computation of the annual percentage rate (APR)? Multiple Choice Equal Credit Opportunity Act (ECOA) Truth-in-Lending Act (TILA) Real Estate Settlement Procedures Act (RESPA) О Home Ownership and Equity Protection Act (HOEPA)

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