Reference no: EM133058125
Question - You are carrying out a reconciliation between the balance on the trade receivables control account (which is $64,969) and the total of the list of the balances on the customers' personal accounts (which is $65, 132).
You have found the following reasons for the difference:
-A sales invoice for $320 was entered in the sales day book as $230;
-The total of the sales returns daybook was understated by $900,
-A credit note for $460 was treated as an invoice when the entries were being made in the personal ledger;
-A customer paid $1,700 in full settlement of a balance of $1,715. The discount was correctly recorded in the personal ledger, but was not entered in the control account,
-The total value of cheques received from customers was $67,908 but $67,980 was posted to the control account
-A debit balance of $20 on a customer's account was omitted
-A credit balance of $53 on a customer's account was treated as a debit balance.
Required -
Show the trade receivables control account, including any necessary correcting entries and the corrected closing balance.
Prepare a reconciliation of the total of the list of balances on the customers' personal accounts to the corrected balance on the trade receivables control account.
What is the residual income for the project
: Data for Manufacturing Division of a company is as follows: Current Investment $1,000,000. What is the Residual Income for the Project
|
Draw the sml line and plot stock return positions
: Assume that an analysist at a major brokerage firm have been following the three stocks in the preceding
|
What is the npv of the acquisition
: RiverRocks, whose WACC is 11.9%, is considering an acquisition of Raft Adventures (whose WACC is 14.9%). The purchase will cost $100.3 million
|
Describe several reasons for studying finance
: 1. Identify and briefly describe several reasons for studying finance. (should be your own idea and not copied from the internet)
|
Prepare a reconciliation of the total of the list of balance
: Prepare a reconciliation of the total of the list of balances on the customers' personal accounts to the corrected balance on trade receivables control account
|
What is the npv of the project
: Problem 1 After extensive research, Riden Tires Inc. has recently developed a new tire, the SuperTread, and must decide whether to make the investment necessary
|
Implement benchmark classification algorithms
: Communicate either with your manager, client, other stakeholders and/or IT team to understand the source of data and to gather it.
|
What are the monthly payments
: The negotiated price of a car is 40,000$. Monthly payments are made at an APR of 7%. The residual value being 11,000. What are the monthly payments?
|
Prepare the journal entries on December
: On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,400, Prepare the journal entries on December
|