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Shown below is the information needed to prepare a bank reconciliation for Warren Electric at December 31: 1. At December 31, cash per the bank statement was $ 15,200; cash per the company’s records was $ 17,500. 2. Two debit memoranda accompanied the bank statement: service charges for December of $ 25, and a $ 775 check drawn by Jane Jones marked “ NSF.” 3. Cash receipts of $ 10,000 on December 31 were not deposited until January 4. 4. The following checks had been issued in December but were not included among the paid checks returned by the bank: no. 620 for $ 1,000, no. 630 for $ 3,000, and no. 641 for $ 4,500. a. Prepare a bank reconciliation at December 31. b. Prepare the necessary journal entry or entries to update the accounting records. c. Assume that the company normally is not required to pay a bank service charge if it maintains a minimum average daily balance of $ 1,000 throughout the month. If the company’s average daily balance for December had been $ 8,000, why did it have to pay a $ 25 service charge?
Correction of wrongly stated balance sheet and Correct the following balance sheet
She also expected additional case expenses amounting to $3,000 per years. The cost of capital is 12%. Assume there are no income taxes.
Illustrate what amount of the joint costs will be assigned to Product A if joint costs are allocated on the basis of number of units produced?
Illustrate what is the overall impact on net income over the two accounting periods? (Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)
The accounting records of Westcott Company revealed the following costs: Factory utilities $ 35,000, Wages of assembly-line personnel 170,000, Customer entertainment 45,000
Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350
The division is dropped, the staff will be laid-off, with the exception of one person who will be assigned to another job. Her salary is $45,000. Should the division be dropped?
What level of sales dollars is needed for a monthly profit of $59,340? For the month of July, the marina anticipates sales of $1,010,000. What is the expected level of profit?
Suppose that if bowling shoes were dropped, sales of athletic shoes could drop by 10%. What impact would losing 10 percent of the sales of athletic shoes have on overall profitability?
Z later sells the land to another outside party for $40,000 (T3). Assume that only T1 and T2 are completed during the current period. Illustrate what is the amount of gain reported in A Company's consolidated financial statements?
The company prepared the following per unit cost projections of making the part, assuming that overhead is allocated to the part at the normal predetermined overhead rate of 75% of direct labor cost.
His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2011, and how many exemptions should he claim on his tax return?
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