What the deposits in transit as of December

Assignment Help Financial Accounting
Reference no: EM132945272

Question - You gathered the following November 30 bank reconciliation from the cash records of the Thorgate Company in connection with your audit of the company's financial statements for the year 2016: Balance per bank P 560,000 Deposits in transit 123,200 Outstanding checks ( 160,000) Balance per books P 523,200 Results for the month of December follow: Bank Books Balance December 31 P692,000 P740,000 December deposits 400,000 464,800 December checks 320,000 248,000 December note collected (not included in deposits) 80,000 - December bank service charge 1,200 - December NSF check, returned by the bank (recorded by bank as a charge) 26,800 - 31. What the deposits in transit as of December 31, 2016?

Reference no: EM132945272

Questions Cloud

What is the expected capital gains yield : Consider four different stocks, A, B, C and D, What is the dividend yield for each of these four stocks? What is the expected capital gains yield?
How much more could he have earned : Bob invested $10,000 in an account that pays 6 percent simple interest. How much MORE could he have earned over a 9-year period
What is estimate of the current stock price for dapsa corp : What is your estimate of the current stock price? DAPSA Corp currently has an EPS of €5, and the benchmark PE for the company is 41.
What was most recent dividend per share paid on the stock : If the company maintains a constant 2 percent growth rate in dividends, what was the most recent dividend per share paid on the stock?
What the deposits in transit as of December : December NSF check, returned by the bank (recorded by bank as a charge) 26,800 - 31. What the deposits in transit as of December 31, 2016
Calculate what is the acquisition cost of the franchise : Brown Company can borrow at 10% for a loan of this type. Calculate what is the acquisition cost of the franchise
Prepare the appropriate journal entries for the transaction : The installation took place on June 3, 2021 and the balance of the contract was collected. Prepare the appropriate journal entries for the transaction
What rate of return do expect to earn on investment : Today you buy a 2 percent annual coupon bond for €1020. The bond has 10 years to maturity. What rate of return do you expect to earn on your investment?
What amount of the costs above is charged as expense : Old Room Co. purchased land and building for a lump-sum price of 48,000,000. What amount of the costs above is charged as expense

Reviews

Write a Review

Financial Accounting Questions & Answers

  What song is playing and why think pick that song

What song is playing and why you think they pick that song? And, who do you believe they are targeting which all those different characters?

  Either of his dependents qualifies for the child tax credit

Jeremy earned $220,000 in salary and $3,000 in interest income during the year. Jeremy has two qualifying dependent children who live with him. He qualifies to file as head of household and has $18,500 in itemized deductions. Neither of his dependent..

  Estimate the companys growth rate

Assuming the company's cost of equity capital is 7% use the dividend discount valuation model to estimate the company's growth rate

  Grant graphics records adjusting entries on an annual basis

Grant's Graphics has a December 31 year end. Grant's Graphics records adjusting entries on an annual basis.

  How would they report this contingent liability

A company is being sued for $10,000,000 but the lawyers think it is a frivolous lawsuit and that there is a remote chance that the company will lose. How would they report this contingent liability?

  How could financial institution could have avoided

How could financial institution could have avoided 2008/2009 financial crisis? Whose was to blame for the crisis and suffered the most from the crisis?

  Draw up a profit and loss appropriation account for cole

Draw up a profit and loss appropriation account for Cole, Knox and Lamb for the year ending 31 December 2017, and a statement of financial position extract at that date.

  What is the accumulated sum

What is the accumulated sum of the following stream of payments? $912 every year at the beginning of the year for 14 years, at 6.42%, compounded annually

  How much was in the account to start with

If your account now has $1,853.94 in it and has been earning annual compound interest of 6% for 2 years, how much was in the account to start with?

  Evaluate the amount of materials handling overhead cost

Evaluates the amount of materials handling overhead cost that should be allocated to the company's two products.

  Which of the assets does not belong to the category

Assets are assets held by companies. One of the assets is intangible assets. Which of the assets does not belong to the category of intangible assets?

  To develop a quick assessment of their economic effects

Ag Bio Tech (ABT) was organized on January 1, 2013, by four friends. Each organizer invested $12,500 in the company and, in turn, was issued 10,000 shares of common stock. To date, they are the only stockholders. During the first month, the records o..

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