Determine the cash balance per books

Assignment Help Financial Accounting
Reference no: EM131293677

Speed Racer Company developed the following reconciling information in preparing its September bank reconciliation:

Cash balance per bank, 9/30  $27,000

Note receivable collected by bank  12,800

Outstanding checks  14,000

Deposits in transit  6,000

Bank service charge  350

NSF check  2,900

Determine the cash balance per books (before adjustments) for Speed Racer Company.

Reference no: EM131293677

Questions Cloud

Prepare any journal entries you consider necessary : The following information relates to the debt securities investments of Wildcat Company. Prepare any journal entries you consider necessary, including year-end entries (December 31), assuming these are available-for-sale securities.
Compute the net interest expense to be reported : On January 2, 2014, Parton Company issues a 5-year, $11,162,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year is 6.6%. Compute the net interest expense to be reported..
Calculate the before-tax lifo liquidation profit : The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 21,200 units consisted of the following, listed in chronological order of acquisition: Calculate the before-tax ..
What is the required return of fund and beta of fund : Consider the following information for Stocks X, Y, and Z. The returns on the three stocks are positively correlated, but they are not perfectly correlated. What is the market risk premium (rM-rRF)? What is the beta of Fund Q? What is the required re..
Determine the cash balance per books : Speed Racer Company developed the following reconciling information in preparing its September bank reconciliation:. Determine the cash balance per books (before adjustments) for Speed Racer Company.
Determine the amount of interest expense : On July 1, 2016, Ross-Livermore Industries issued nine-month notes in the amount of $400 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of ..
Compute the predetermined overhead rate used : Tinkle-Tinkle Glass Company makes glass globe paper weights for desks. The company uses a job-order cost system and predetermined overhead rates apply manufacturing overhead cost to jobs.  Compute the predetermined overhead rate used during the year ..
What are fixed costs-variable costs-direct costs : Explain how cost accounting can be used in your organization. What are fixed costs, variable costs, direct costs, and indirect costs? Which of these have you worked with? How was that information used to make decisions? Please cited the reference
Cost benefit analysis over cost-effectiveness analysis : What is the advantage, if any, of cost benefit analysis over cost-effectiveness analysis? What is the advantage, if any, of cost-effectiveness analysis over cost benefit analysis? What is the difference, if any, between cost-effectiveness analysis fo..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What would be your monthly payment

1) If you were to borrow 9,600 over five years at 0.14 compounded monthly, what would be your monthly payment? Your uncle promises to give you $600 per quarter for the next five years. How much is his promise worth right now if the interest rate is 0..

  Explain why do some contracts have to be in writing

Explain Why do some contracts have to be in writing? Should you put in writing some contracts that are legally enforceable even if they are only oral?

  Illustrate what is the division margin

average operating assets of $3,000,000. The company's minimum required rate of return is 10%. Illustrate what is the division's margin?

  You have been hired as a managerial accountant by mr smith

you have been hired as a managerial accountant by mr. smith of wilson-west manufacturing a start-up company that

  Prepare the journal entry to record the call of the bonds

Prepare the journal entry to record the call of the bonds

  What is the par or stated value of m&ss preference shares

How many ordinary shares were outstanding at April 3, 2010, and March 28, 2009?1) What cash outflow obligations related to the repayment of long-term debt does M&S have over the next 5 years?

  Analyse budgets and make appropriate decisions

Making financial decisions based on financial information. You will need to use an example either from your present employer, or you can use the published financial statements of companies such as British Airways, which are published on the intern..

  Why do you think that these outflows are deferred

As per CAFR, in addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net ..

  In making an ethical decision

In making an ethical decision, which step entails exploring your own personal beliefs and how it can affect your opinion?

  Prepare an unadjusted trial balance

Listed below are the transactions that occurred. Post each of the journal entires to the appropriate ledger (T) accounts. Prepare an unadjusted trial balance. Post adjusting journal entries to the ledger accounts

  Evaluate cost of goods sold and ending inventory

Evaluate cost of goods sold, ending inventory, and gross profit. LIFO, FIFO and Moving-average cost

  Which alternative is more economically satisfactory

Old machine: Old machine can operate for 5 years with operating cost of $120,000 per year. New machine: Replacing old machine with new one requires capital cost of $250,000 in year zero (zero salvage value for old machine). Capital cost is depreciabl..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd