What is the remaining balance on the suspense account

Assignment Help Financial Accounting
Reference no: EM132969057

Question - Jacob has a debit balance on his suspense account of 3,720. The following errors are subsequently.

(1) Opening inventory of 1,980 is omitted from the trail balance.

(2) Bank overdraft of 630 has been included in the trail balance as a positive cash balance.

(3) Receivables have been understated by 3,000.

After adjusting for these errors what is the remaining balance on the suspense account?

Reference no: EM132969057

Questions Cloud

Calculate current market price per share of BFG common share : You have determined that current risk-free rate is 3% and the expected market price of risk is 5%. Calculate current market price per share of BFG common shares
Describe the data collection approaches : Hint: Describe the data collection approaches you would use e.g. observation, interviews, surveys, historical research (past 5 years), etc. and why you chose th
What is the importance of strategic alliance partners : What is the importance of strategic alliance partners having compatible goals in forming an alliance?
Create scenarios by using the wrong technique : Create scenarios by using the wrong technique and the right technique for difficult situations in collecting copayments from patients.
What is the remaining balance on the suspense account : Bank overdraft of 630 has been included in the trail balance as a positive cash balance. What is the remaining balance on the suspense account
How much is the overhead volume variance : During the year, actual overhead cost was $340,000. Actual units produced were 33,000. How much is the overhead volume variance for 2020
Effective tools for hotel relevance with customers : Would surveys be an effective tools for the hotel's "relevance with customers"? and what are two survey questions you would advise the hotel to include in any s
Explain future of information technology : One very important topic we discussed was the use of the cloud to store and retrieve files. As a business professional, you will find that the cloud is likely t
Compute the total amount to be reported by skysong : On the basis of this information, compute the total amount to be reported by Skysong for intangible assets on its balance sheet at year-end

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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