What is the amount of outstanding checks on march

Assignment Help Accounting Basics
Reference no: EM133021688

Question - On March 1 of the current year, Shelbey Company had outstanding checks of $ 15,000. During March, the company issued an additional $ 57,000 of checks. As of March 31, the bank statement showed $ 48,000 of checks had cleared the bank during the month. What is the amount of outstanding checks on March 31?

Reference no: EM133021688

Questions Cloud

Five forces analysis on the movie exhibition industry case : Create a PESTEL analysis and Five Forces Analysis on the Movie Exhibition Industry Case (from the casebook). There is no need for charts, but please describe wh
What are the limitations of industry norms for analysts : What are the limitations of industry norms for analysts? Why is it that net sales for a period do not necessarily represent cash inflow for the period
Social media tools for collaboration : How might you determine which social media tools are best suited for collaboration? What are some benefits and challenges associated with using social media too
Determine the cumulative effect of the error : Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020
What is the amount of outstanding checks on march : The bank statement showed $ 48,000 of checks had cleared the bank during the month. What is the amount of outstanding checks on March 31
Calculate the price paid by Sun Company : On 1 July 20X8, Sun Company purchased $4,000,000 of Moon Corp. 6.2% bonds, classified as an AC investment. Calculate the price paid by Sun Company
Construct a table that shows interest revenue reported : Construct a table that shows interest revenue reported by Ghana, and the carrying value of the investment, for the each interest periods
Compute the value of the two firms using NI approach : Assuming tax rate of 50% and equity capitalisation rate (Ke) of 20% for an all-equity firm. Compute the value of the two firms using NI approach
What are mental models : Why is it so hard for Leaders to change their assumptions about team members. Use the Ladder of Inference Model to explain your answer?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determining total contribution margin

Now suppose that Sealing Company believes that it can sell no more that 12000 of the deluxe model but up to 50000 each of the basic and standard models at the selling prices estimated. What product mix would you recommend, and what would be the to..

  What does arnold record as the cost of the new truck

Arnold company purchases a new delivery truck $40,000. The sales taxes are $2500. The lego of the truck company is painted on the side of the truck for.

  What is the divisions residual income

What is the division's margin? What is the division's turnover? What is the division's ROI? What is the division's residual income?

  What is the unit cost of the goods transferred

What is the unit cost of the goods transferred to the storeroom if the loss is charged to total production

  How important is an erp to the functioning of a business

Judging from the ERP features, how important is an ERP to the functioning of a business? Explain. What consideration do you think led Altitude Online to decide to host the ERP on its own servers rather than using SaaS? What are the benefits and dra..

  Journalize the revenue transaction

Journalize the revenue transaction and indicate how recording this revenue in December would affect the current ratio

  Prepare the adjusting entry for manufacturing overhead

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold

  Determine how accounts receivables are presented

Determine how accounts receivables are presented on the classified balance sheet as long term assets, after PPE, current assets, before cash

  Identify the funds or account groups

Prepare journal entries for the fiscal year ended June 30, 2006, for the foregoing transactions or events of Calabash County.Identify the funds or account group

  What is the accrual-basis of accounting

State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed. What is the accrual-basis of accounting?

  Determine the equivalent units of production

Eden Company uses process costing to account for its production costs. Direct labor is added evenly throughout the process.

  Discuss the initial budget process and the variances

What are the changes you think the company should make based on the variance analysis? What will the changes accomplish?

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