Deposits-in-transit : The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit. Outstanding checks : Outstanding checks are the checks that are issued by the company, but not yet paid by the bank. To determine : The amount of deposits-in-transit for Company U as at July 31, in situation 1

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Answer 1

Question

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

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Aerotrino produces and sells popular t-shirts. Following is information about its t-shirts for 2014: Selling price $15.00 per t-shirt Variable costs: Production (manufacturing costs) - $3.50 per t-shirt Selling & administration - $1.00 per t-shirt Fixed costs: Production (manufacturing costs) - $1,000,000 per year Selling & administration - $2,000,000 per year During 2014, the company produced 400,000 t-shirts and sold 350,000 of them. Assume that there was no beginning inventory. How much is the net income under variable costing?

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ANSWER THIS GENERAL ACCOUNTING PROBLEM

Answer 2

Question

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

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Answer 3

Question

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

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Answer 4

Question

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

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Answer 5

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

Answer 6

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

Answer 7

Chapter 7, Problem 7.10E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

To determine: The amount of deposits-in-transit for Company U as at July 31, in situation 1

Answer 8

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

Answer 9

(b)

To determine

The amount of checks outstanding for Company U as at July 31, in situation 2

Answer 10

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

Answer 11

(c)

To determine

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

Answer 12

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

Answer 13

(d)

To determine

The amount of checks outstanding for Company U as at August 31, in situation 4

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Solution Summary: The author explains deposits-in-transit and outstanding checks, which are issued by the company, but not yet paid.

Concept explainers

The amount of checks outstanding for Company U as at July 31, in situation 2

The amount of deposits-in-transit for Company U as at August 31, in situation 3.

The amount of checks outstanding for Company U as at August 31, in situation 4

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Chapter 7 Solutions