bank
Q: Nolan Company's cash account shows a $26,426 debit balance and its bank statement shows $25,694 on…
A: Bank Reconciliation is prepared to reconcile the balances of cash book with that of the bank…
Q: Albert, the managing director of Albert's Vehicle Parts, guaranteed a bank loan of $750,00 for Josh…
A: When a business owner offers a loan guarantee to a worker, they are essentially committing to assume…
Q: Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets.…
A: Perpetual inventory system shows that the inventory in the production process are valuated on…
Q: Tiger Furnishings produces two models of cabinets for home theater components, the Basic and the…
A: PREDETERMINED OVERHEAD RATE Predetermined rate means an indirect cost rate. predetermined…
Q: Son Toco Ltd has sought your assistance with recording some transactions it undertook in the…
A: Journal Entries are very important part and backbone of accounting system.They are very essential to…
Q: Shaw is a lumber company that also manufactures custom cabinetry. It is made up of two divisions:…
A: The process of determining the value that a manufacturer will get in return for the exchange of…
Q: The following CVP income statements are available for Sheridan Company and Sunland Company: Sales…
A: Marginal costing method: It is also called the Variable costing method. In this method, all the…
Q: a. Use the high-low method to estimate the fixed and variable components of admitting costs. b.…
A: Introduction: - High-low method is one of the techniques that is used to separate fixed and…
Q: erations on January 5,000 units. During it ministrative expense
A: Answer : Fixed manufacturing cost in ending inventory = $340,000 - $382,500 = 42,500 Fixed…
Q: What employability skills do you need to get a business administration job (list three skills)
A: In order to get a business administration job, employability skills are important. Three skills that…
Q: M Company issued 99,000 stock options to key executives on January 1, 2021. The options must be…
A: INTRODUCTION: Compensation is a monetary or non-monetary payment paid in exchange for services done.…
Q: Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $25 per…
A: A managerial accounting technique for recording all costs related to the production of a specific…
Q: arell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different…
A: Sole Proprietorship: A sole proprietorship, also known as a tradership, entrepreneurship. it is a…
Q: Consider the following transaction: On March 6, Fun Cards sells 560 card decks with a sales price of…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Required information [The following information applies to the questions displayed below] Sye Chase…
A: The revenue and expense entries are closed using income summary account. The income summary accounts…
Q: Larry is a customer of Woods, Inc. His current balance due is $2,430. It has been determined that he…
A: Larry is a customer of Woods, Inc. His current balance due is $2,430. It has been determined that he…
Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the…
A: The Retail Inventory Method is a process that is used in accounting to estimate the worth of a…
Q: TCA Cable has fixed operating costs of $2.6 million, and its variable cost ratio is 0.30. TCA has…
A: Fixed operating costs are those indirect costs which are incurred by the entity to generate the…
Q: Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the…
A: Taxable income is the base income upon which tax is levied. It includes some or all items of income…
Q: Required information [The following information applies to the questions displayed below.] Hemming…
A: Cost of Goods Sold :— It is the total cost of units sold during the period. Ending Inventory :—…
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: Current assets are the assets which can be converted into cash within a year. Current liabilities…
Q: LearnCo Sales Budget For the Year Ending December 31, 20Y2 Unit Sales Volume Product Basic Abacus…
A: A sales budget is a financial plan that estimates the company's total unit sales and total revenue.…
Q: The 2024 balance sheet for Hallbrook Industries, Incorporated, is shown below. HALLBROOK…
A: Lets understand the basics. Current ratio indicates firm's ability to pay its short term obligation…
Q: Outstanding stock of the Tamarisk, Inc. included 44000 shares of $5 par common stock and 20000…
A: Preferred dividends are the financial payments that an organization makes to its preferred…
Q: Capital Assets 6 Payroll 7 Internet 8 Building 9 Advertising 0 1 2 3 Income 24 25 Profit Margin 26…
A: Net income to sales is expressed as a profit margin. It gauges how much income the business makes…
Q: Jim's Espresso expects sales to grow by 10.4% next year. Using the following statements LOADING...…
A: Percent to sales method refers to the model in which predictions are to be made on the basis of…
Q: Calculate the cost of goods sold dollar value for A66 Company for the month, considering the…
A: LIFO is the method for valuation of inventory under which goods which are purchased last are issued…
Q: The income statement for Bradford Machine Company for 2019 appears below. BRADFORD MACHINE COMPANY…
A: Break even point is the one at which the company do not earn any revenue. It could just cover its…
Q: Break-Even Sales Anheuser-Busch InBev Companies, Inc., reported the following operating information…
A: Contribution means the difference between the selling price and variable cost . Fixed cost when…
Q: Brave Company has the following inventory information. Transactions Date July 1 Beginning Inventory…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…
Q: Osage Corporation issued 2,000 shares of stock. Instructions Prepare the entry for the issuance…
A: Journal entries are the transactions reported in the books in order to prepare the day to day…
Q: Which one of the following involves coordinating a company's activities to produce a smooth-running…
A: Which one of the following involves coordinating a company's activities to produce a smooth-running…
Q: Wescott Company has three divisions: A, B, and C. The company has a hurdle rate of 8 percent.…
A: Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability…
Q: Cold Products Corporation manufactured 34,000 ice chests during September. The variable overhead…
A: Variable Overhead Spending Variances: The difference between the actual cost of variable production…
Q: If merchandise sells for $3,500, with terms 3/15.n/45 , and the cost of the inventory sold is…
A: Net method of recording the sale discount is the one under which it is assumed that the sales on…
Q: which of the following is correct as it relates to use of worksheets in preparing financial…
A: Worksheets are the part of accounting cycle prepared by the accountants of an organization to…
Q: Zulu sells its waterproof phone case for $93 per unit. Fixed costs total $208,000, and variable…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…
A: The standard is set beforehand, and actual performance is judged in light of it. Management must…
Q: ndretti Company has a single product called a Dak. The company normally produces and sells 86,000…
A: Solution: Contribution margin per unit is computed as selling price per unit less variable cost per…
Q: The following data from the just completed year are taken from the accounting records of Mason…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Describe what a 'debenture' is and the typical nature and features of debentures.
A: What is a debenture? A debenture is a type of debt instrument that is not backed by any collateral…
Q: Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $25 per…
A: Lets understand the basics. Income statement is prepared under two method which are, (1) Variable…
Q: 23Which of the following is NOT an intangible asset? A)Copyright B. Goodwill C) Patent D) Mineral…
A: Ans. Intangible assets are the assets which cannot be touched or felt.
Q: PR 14-3A Bond premium, entries for bonds payable transactions O’Halloran, Inc. produces and sells…
A: The journal entries are prepared to record the transactions of the business on regular basis. The…
Q: Here are comparative financial statement data for Lily Company and Maria Company, two competitors.…
A: Profits are very important and necessary for survival and growth of organisation and organisation…
Q: LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states. LeMond also has…
A: Sales Tax Liability: The total amount of sales taxes that a company has amassed from customers on…
Q: Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year…
A: The WIP in progress indicates the goods are in the processing stage and not ready for sale, The…
Q: Which of the following is not a common method of alternative dispute resolution.
A: Which of the following is not a common method of alternative dispute resolution? Solution: (D)…
Q: anufacturing Company has gathered the following information for the month of September: 8,100 units…
A: Equivalent units of production are based on whole units and their percentage of completion. Cost…
Q: ce tr ร ns are forfeited c ber 31, 2025, ass
A: Answer : Calculation of compensation expenses : Stock options 500,000 Fair value of options 4…
On 30 September 2022, Piston Limited had a balance in its ‘Cash in Bank’ general ledger account of $13,034.30 debit. The bank statement from ANZ bank on that date showed a credit balance of $19,495.00. A comparison of the September 2022 bank statement with the ‘Cash in Bank’ general ledger account and the bank reconciliation for August 2022 revealed the following facts (ignore GST):
Ref:
(1) Electronic Funds Transfers (EFTs), totalling $1,770.10, from the August 2022 bank reconciliation has still not been presented to the bank.
(2) Cash sales of $2,945 on 20 September 2022 were deposited in the bank. The general
(3) From the review of the September 2022 cash journals, it was established that outstanding EFTs totalled $3,567.10, and outstanding deposits were $1,190.40.
(4) On 24 September 2022 Piston Limited made a payment (EFT no. 3485) for $540.80 to J. Smith for an accounts payable payment. The EFT no. 3485, which showed up on the bank statement on 25 September 2022, was incorrectly recorded in the ‘Cash in Bank’ general ledger account as $450.80.
(5) A $3,000 note receivable was collected by the bank for Piston Limited on 15 September 2022, plus $80 interest. The bank charged a bank fee of $20 for this transaction. These items were not accounted for in the ‘Cash in Bank’ general ledger account.
(6) The bank statement showed that the bank returned a dishonoured accounts receivable made by a customer (K. Davis) for $647.10 on 28 September.
Prepare any
Step by step
Solved in 2 steps
- In June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…Journalize the following entries for the seller using the perpetual method. On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905. On March 20, a S125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. The cost of the returned merchandise was S65. If required, round your answers to two decimal places. On March 25, Garrison Brewer submits payment in full. If required, round your answers to two decimal places.Registers in QBO: Multiple Choice Display more detailed information about accounts Display all transactions for the account Display a running balance for the account All of these choices are correct.
- A Cheque Log can be printed for the cheques received from customers. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an a a True b. FalseWP NWP Assessment Player UI Applic Question 17 of 42 View Policies Current Attempt in Progress Credits decrease both assets and liabilities. increase both assets and liabilities. decrease assets and increase liabilities. O increase assets and decrease liabilities. Save for LaterThe Maintain; Chart of Accounts window can be used to revise accounts in the chart of accounts. Question 15 options: True False
- Registers in OBO: Multiple Choice Display more detailed information about accounts Display all transactions for the account Display a running balance for the account All of these choices are correct.INSTRUCTIONS: • Use MS Excel • Before you start journalizing, enter the appropriate columnar headings: Date, Description, P/R, Debit, Credit. • Journalize the transactions, including the appropriate description and source documents for each transaction. • Use compound entry for entries with multiple debit and credit accounts. • In the posting reference (P/R) column encode the account numbers. • Leave a space after every journal entry. Required: - JOURNAL ENTRIESPlease solve problem completely. If no entry is required select “No entry” for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statement
- Linzee Liners estimates that its manufacturing overhead will be $1,761,800 in Year 1. It further estimates that direct labor costs will amount to $766,000. During March, Linzee worked on four jobs with actual direct labor costs of $36,600 for Job 0301, $24,100 for Job 0302, $33,600 for Job 0303, and $17,600 for Job 0304. Actual manufacturing overhead costs for the year were $1,750,000. Actual direct labor costs for the year were $751,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows Work-in-process inventory Finished goods Inventory Cost of goods sold $ 34,546 $ 276,368 $ 1,416,386 Required: Prepare an entry to allocate the over-or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction listA document that asks you to return an identifying part of it with your payment is a(n) ________.A. source documentB. cloud documentC. point-of-sale documentD. turn-around documentExercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs, For Year 2, 2M estimates its manufacturing overhead to be $422,760 and its direct labor costs to be $813,000. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $536,250. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $360,750. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $78,000. Actual manufacturing overhead for Year 2 was $540,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.