Reference no: EM133071198
Question - The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September 30, 2020:
|
|
August 31
|
September 30
|
|
Loan proceeds directly credited by the bank
|
P200,000
|
P250,000
|
|
Note payable payment by the bank
|
120,000
|
80,000
|
|
Undeposited collections
|
450,000
|
???
|
|
Outstanding checks
|
180,000
|
???
|
|
Total credits per bank statement
|
|
1,955,000
|
|
Total debits per bank statement
|
|
1,655,000
|
|
Total debits per books
|
|
1,795,000
|
|
Total credits per books
|
|
1,800,000
|
Additional information:
1. A P100,000 collections was erroneously recorded twice in the books in September, the company discovered the error and corrected the same immediately in September
2. A P50,000 disbursement check was recorded in the books as P5,000 in August. The correction was made in September
3. The bank erroneously credited the company P80,000 in August for a collection of NOTBALANCED Corp. the bank corrected the error in September.
4. The unadjusted balance per book in August was at P640,000. The unadjusted balance per bank in September was at P785,000
Required -
1. What is the correct cash in bank balance as of August 31, 2020?
2. What is the correct deposit in transit as of September 30?
3. What is the correct outstanding check as of September 30?
4. What is the correct cash in bank balance as of September 30?
|
Reduce costs through contract manufacturing and outsourcing
: Describe how companies reduce costs through contract manufacturing and outsourcing.
|
|
Compute the required sales in dollars
: For Ivanhoe Company, variable costs are 60% of sales, and fixed costs are $210,600. Compute the required sales in dollars
|
|
Production planning and quality control
: Calculate the Design Capacity, the Effective Capacity, and the Actual Capacity of the packaging machine, during 2020
|
|
Find EOQ, Annual Ordering Cost and Annual Holding Cost
: The average holding cost is SR 5 per unit per year and ordering cost is SR 625 per order. Find EOQ, Annual Ordering Cost and Annual Holding Cost
|
|
What is the correct cash in bank balance as of August
: A P50,000 disbursement check was recorded in the books as P5,000 in August. What is the correct cash in bank balance as of August 31, 2020
|
|
Determine the increase or decrease in interest expense
: Which led to a re-adjusted implicit rate of 8%. Determine the increase (decrease) in interest expense in 2022 due to the modification of the lease
|
|
Analyze how different types of leadership styles
: Analyze how different types of leadership styles can affect the motivations, behaviors, and performances of followers.
|
|
Considering sponsoring national sports team
: A multinational clothing company is considering sponsoring a national sports team in the forthcoming World Cup in Qatar.
|
|
How much is the cost of units transferred
: The department has done one quarter of the work required to complete the units in process. How much is the cost of units transferred
|