If the economy is operating at point c, the opportunity cost of producing an additional 15 units of bacon is 20 units of eggs.
What is economy ?The production, distribution, trading, and consumption of goods and services take place in an economic area. It is generally recognized to be a social domain that emphasizes the actions, discourses, and outward expressions related to the production, use, and management of finite resources.
A person's culture, values, education, technical development, history, social organization, political structure, legal system, and access to natural resources are all important drivers of how an economy functions. These factors provide context and content as well as determining the parameters and circumstances in which an economy runs. In other words, the economic domain is a social one made up of interconnected human actions and transactions that are mutually reliant.
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On October 1, 2018, Perry Corporation signed a 12-month, 8% interest-bearing promissory note for $10,000. Assume that all appropriate adjusting journal entries were made at 12/31. The journal entry required when the note matures on October 1, 2019 would include a debit to interest expense for
Answer:
$600
Explanation:
The reason is that the recognition of the interest expense is split between two accounting periods. In the first accounting period the interest expense recognized will be for 3 months as the period from inception (October 1, 2018) to the end of year (December 31, 2018) is 3 months.
This means that:
Interest Expense = $10,000 * 8% * 3/12 = $200
So this will be recognized in the first accounting period ending at December 31, 2018. The interest expense of 9 months falls in the secong accounting period, which means the interest expense for the second accounting period will be:
Interest Expense = $10,000 * 8% * 9/12 = $600
Purchasing Math Quiz
QUESTION 1 of 10: Your beginning inventory was $46,000, your ending inventory is $37,000, your cost of goods sold was $19,000. How
much were your purchases?
If the cost of goods purchased is $380,000, the beginning inventory is $60,000, and the ending inventory is $50,000, the cost of goods sold is $390,000.
What is cost of goods sold?The carrying value of the items sold during a specific time period is the cost of goods sold. Utilizing one of the several methods, including specific identification, first-in-first-out, or average cost, costs are connected to specific commodities. The formula for cost of goods sold is, in its most basic form: starting inventory + purchases ending inventory = cost of goods sold. You need a clear and consistent method for valuing your inventory and accounting for your costs, though, in order for this to actually operate in practise. The costs incurred in producing your items during a specific time period are represented by your costs of goods sold (COGS). COGS is calculated as follows: COGS = initial inventory + purchases - ending inventory.
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Provide one word or term for the following: 1.1. A specific amount the insured has to pay every time a claim is made. (2)
Answer: Deductible! Good Luck !
cash dividends paid on common stock would be reported on the statement of cash flows in a.the financing activities section b.a separate schedule c.the investing activities section d.the operating activities section
the money flowing out of the financing activities segment. Cash inflow from financing activity is the category in which the cash sum raised from stockholders for asset investments falls under.
What kind of cash flow results in dividend payments in cash?supporting endeavors
Finance-related activities include dividend payments. The constant classification of interest and dividends as operating, investing, or financing cash operations applies to both the received and paid amounts. A financial institution will often classify interest paid, interest and dividends received, and both as operating cash flows.
What line(s) of the cash flow statement contain the dividends paid and received?Dividends, interest, and dividend payments all fall under operating cash flows. On the cash flow statement, dividend payments are detailed under financing.
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Select three reasons why the CMO in the chapter example wanted to revamp the marketing plan?
1. There is no use of Mayo
2. Peoples taste changed
3. Customers increasingly preferred organic
4. People don't care about calorie intake
5. Demand for chicken sandwiches varied widely
Answer:
B
C
E
Explanation:
The other options do not make sense so these are the right answers I think, lol
Reasons why the CMO in the chapter example wanted to revamp the marketing plan:
2. People's tastes changed
3. Customers increasingly preferred organic
5. Demand for chicken sandwiches varied widely
Chief medical officerChief medical officer (CMO) is the title used in many countries for the senior government official designated head of medical services, sometimes at the national level. The post is held by a physician who serves to advise and lead a team of medical experts on matters of public health importance.
What is the role of the chief medical officer?Chief medical officers are healthcare administrators who oversee the effective management of medical centers. They are responsible for managing clinical operations, liaising between the administration and medical staff, and ensuring that patients receive the highest standard of medical care.
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henry suspects that some of his employees have been stealing from his company. he purchases a commercial crime insurance policy, which will cover any losses that actually occur during the policy period. under which coverage form of commercial crime insurance is henry's company insured?
Loss-Sustained form of commercial crime insurance henry's company insured.
The required details about commercial crime insurance is mentioned in below paragraph.
Insurance against business-related crimes, such as employee theft, forgery, robbery, and technological crime, protects against monetary damages. It is a kind of business insurance that offers protection for the company under the following types of policy: Employee dishonesty in Form A may be written as scheduled insurance or on a blanket insurance basis and covers money, securities, and other properties.
What are the commercial crime policy's exclusions?
The following things are not covered by commercial crime insurance: theft, misdemeanors, or other wrongdoing by you or your company partners. Additionally, it excludes any activities taken by personnel who colluded with one of your partners.
Thus, Henry company is insured under Loss-Sustained form.
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PLEASE HELP ME ILL MAKE YOU BRAINLIEST
Employees tend to stay with one company for their entire careers.
Please select the best answer from the choices provided
OTrue
OFalse
Answer:The answer would be true, unless the employee had to leave for personal reasons
Explanation:
Why are the pests and diseases biggest obstacle in vegetable production
Answer:
Vegetable production worldwide is constrained by pests and diseases which effects are exacerbated by climate change and variability. High atmospheric temperatures and elevated carbon dioxide increases pest development, survival of pests and distribution of pest to new areas
The brenda one is the question thank youuu:)
Answer:
C. y = 11000(1.086)^7
Explanation:
Given the following data;
Principal = $11,000
Interest rate = 8.6% = 8.6/100 = 0.086
Time = 7 years
To derive a mathematical expression, we would use the compound interest formula;
\( A = P(1 + \frac{r}{100})^{t}\)
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
t is the number of years for the compound interest.
Substituting into the formula, we have;
\( A = 11000*(1 + \frac{8.6}{100})^{7 \)
\( A = 11000*(1 + 0.086)^{7 \)
\( A = 11000*(1.086)^{7 \)
\( A = 11000*1.78 \)
A = $19,580
Check all of the following that are correct that can have a single owner ? MARK YOU THE BRAINLIEST!
The establishment/items that can ave a single owner includes:
Sole proprietorshipPrivate corporationNon-profit corporationWhat is a single owner?This refers to any form of establishment that can be owned and operated by a natural person.
Therefore, in the list, the Sole proprietorship, Private corporation and Non-profit corporation are establishment that can have a single owner.
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the employing company for a trainee appraiser has policies that do not comply with uspap. what should the trainee appraiser do?
If a trainee appraiser working for a company encounters policies that do not comply with the Uniform Standards of Professional Appraisal Practice (USPAP), they should take the following steps:
1. Familiarize Yourself with USPAP: As a trainee appraiser, it is essential to have a thorough understanding of the USPAP guidelines. This will help you identify any inconsistencies or non-compliance within your employing company's policies.
2. Document the Non-Compliant Policies: Take note of the specific policies or practices within your company that do not align with USPAP. Document instances where these policies are being implemented and any concerns you may have regarding their impact on appraisal standards.
3. Consult with Supervisors or Management: Discuss your concerns with your immediate supervisor or management within the company. Share your observations and explain why you believe the policies are not in compliance with USPAP. They may be unaware of the issue and appreciate your input.
4. Offer Solutions and Suggestions: Instead of just pointing out the problem, propose alternative solutions or suggestions that would bring the company's policies in line with USPAP.
This proactive approach shows your commitment to maintaining professional standards and helps facilitate a constructive discussion.
5. Seek Guidance from Professional Organizations: Reach out to professional appraisal organizations such as the Appraisal Institute or your local state appraisal board. They can provide guidance on how to address the situation and may be able to offer assistance or resources to resolve the issue.
6. Consider Ethical Obligations: If your concerns are not adequately addressed or if the non-compliance poses a significant risk to the integrity of your work, you may need to evaluate your ethical obligations.
This could include notifying the appropriate regulatory bodies or seeking legal advice to protect your professional reputation and uphold ethical standards.
It's crucial for trainee appraisers to prioritize adherence to USPAP and maintain the highest level of professional integrity.
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The trainee appraiser should take the following steps: Familiarize oneself with USPAP, Communicate concerns, Seek guidance and Document concerns
Familiarize oneself with USPAP: The trainee appraiser should thoroughly review the USPAP guidelines to understand the requirements and standards for ethical and competent appraisal practice
Communicate concerns: The trainee appraiser should express their concerns regarding the company's policies to their supervisor or appropriate authority within the organization. It is important to approach the situation professionally and provide clear explanations of how the policies deviate from USPAP.
Seek guidance: If the supervisor or company does not address the issue or fails to rectify the non-compliant policies, the trainee appraiser should seek guidance from professional appraisal organizations or regulatory bodies. These entities can provide advice on how to proceed and may have processes in place to handle such situations.
Document concerns: It is crucial for the trainee appraiser to maintain a record of their concerns, including any communication with the company or relevant authorities. This documentation can serve as evidence if further action is required.
Consider alternatives: If the company continues to uphold non-compliant policies and the trainee appraiser's concerns are not adequately addressed, they may need to consider alternative employment opportunities with organizations that prioritize adherence to professional standards.
Ultimately, the trainee appraiser's commitment should be to uphold the integrity of the appraisal profession and ensure compliance with recognized industry standards
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What are three strategies that you can use to make better financial decisions?
(Personal and Family Finance class)
Investments, Savings, and Expenses are the three basic strategies, which can help a person take better and efficient financial decisions on a personal level.
What are better financial decisions?The strategies to choose the investments in different assets and debt classes will enable a person to increase his chances of gaining better financial returns. The amount of money, a person decides to save for any future requirements will help him out of the financial crises that may take place in his life. The strategy on where to spend and where not to spend will help a person have more disposable income to fulfill the financial needs in the future.
Hence, the strategies for taking better financial decisions are as aforementioned.
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What is education, what is training?
Education is a process in which one learns to discover and generate new knowledge. Training is a process that aims at acquiring specific skills to be implemented with certainty at the end of the process.
Education refers mainly to the transmission of knowledge. It is defined as the systematic process of learning something to acquire knowledge. Acquiring knowledge can be based on learning theories, concepts, facts, etc. It is usually considered for the long-term and in a theoretical sense.
Training means learning to thrive and implement a specific skill to fulfill a role competently. It is usually considered short-term and practical sense.
The purpose of training is to improve performance and productivity in specific tasks. At the same time, education pursues to development of a sense of reason and judgment for all kinds of professional or personal life situations.
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Which is not an expense account?
Repairs
Advertising
Rent
Interest
Accrued
The answer option which is not an example of an expense account is: E. Accrued.
What is an expense account?An expense account can be defined as a type of account that include an amount of money (funds) that are paid to an employee by an employer of labor, so as to enable the employee spend the fund on things related to his or her job.
In Business management, some examples of an expense account include the following:
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You were 50 days late in paying your credit card bill. How many years will this mistake stay on your credit history?.
If a person is 50 days late in in paying his/her credit card bills in that case, this mistake will be staying in credit card history for 7 years from the date of delinquency.
A credit card is a type of payment card that is issued to customers (cardholders) to allow them to reimburse a retailer for products and services according to the amount of debt they have incurred. The credit card issuer (often a bank or credit union) establishes a revolving account and offers the cardholders with a credit line from which they can draw funds to pay for transactions or receive a cash advance.
Seven years following the initial date of the default, missed payments continue to appear on your credit card history. Although if you pay previous debts, the late payment will not be removed from your credit record for 7 years.
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Which of the following is one of the primary responsibilities of the federal judicial branch?
Answer:
to judge if laws made by the legislative branch are constitutional
Explanation:
Answer:
to judge the constitutionality of laws
Explanation:
which three statements best describes strategic market research
Strategic market research is a process of collecting and analyzing data to identify opportunities, assess risks, and develop strategies that will help a business succeed in the market. Here are three statements that best describe strategic market research:
Strategic market research is focused on the long-term success of a business. It involves looking beyond immediate challenges and identifying opportunities that can help a business grow and thrive over time. Strategic market research is data-driven. It involves gathering and analyzing data from a variety of sources, including customers, competitors, and industry trends, to inform decision-making and strategy development. Strategic market research is proactive. It involves anticipating market changes and trends, rather than simply reacting to them. By staying ahead of the curve, businesses can position themselves for success in a rapidly evolving market.
Strategic market research is a complex and multifaceted process that requires careful planning and execution. It is a critical component of any successful business strategy, as it provides the insights and data needed to make informed decisions about where to focus resources, how to differentiate from competitors, and how to create value for customers. One of the key aspects of strategic market research is that it is focused on the long-term success of a business. Rather than simply addressing immediate challenges, strategic market research involves looking ahead and identifying opportunities that can help a business grow and thrive over time. This might involve exploring new markets or customer segments, developing new products or services, or refining existing offerings to better meet customer needs. Overall, strategic market research is an essential tool for any business looking to succeed in today's competitive marketplace. By taking a proactive, data-driven approach to understanding customer needs and market dynamics, businesses can position themselves for long-term success and growth.
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A business executive feels the need to win in everything he does, from his business deals, to his golf, and even with his romantic partners. The executive's behavior illustrates a(n):
A business executive feels the need to win in everything he does, from his business deals, to his golf, and even with his romantic partners. The executive's behavior illustrates a(n):need for achievement.
What is need for achievement?Need for achievement can be defined as the way in which a person is determine to achieve their goals or when a person is always eager to achieve their set goals and objectives.
Hence, the personalities display by the business executives is called need for achievement as the executives feels the need to win in everything he does,.
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Each of the following events will result in either an import or export to be recorded in the current account or the capital account of Vidinland, an imaginary small country in eastern Europe. For each one, say whether it will be a current account import, a current account export, a capital account inflow, or a capital account outflow.A. Boyan, a prominent resident of Vidinland, purchases a brand new Swedish automobile. (3 points)B. Pete, a resident of the U.S., purchases 1,000 cases of fine wine from Vidinland. (3 points)C. U.S. residents Allen and Elizabeth go on a bike tour of Vidinland, spending money on hotels, food, and tires. (3 points)D. Investors from the U.S. purchase several kashkaval factories in Vidinland. (3 points)E. Due to the high quality of the kashkaval produced in Vidinland, the investors from part D receive very large profits. (3 points)
While import implies buying goods from foreign countries, export is selling off goods and services to other nations. the transactions given can be accordingly classified to various accounts such as current import or current export or capital account inflow or capital account outflow.
A. Boyan, a prominent resident of Vidinland, purchases a brand new Swedish automobile. This transaction will be recorded as a current account import for Vidinland, as they are importing a good from another country.
B. Pete, a resident of the U.S., purchases 1,000 cases of fine wine from Vidinland. This transaction will be recorded as a current account export for Vidinland, as they are exporting goods to another country.
C. U.S. residents Allen and Elizabeth go on a bike tour of Vidinland, spending money on hotels, food, and tires. This transaction will be recorded as a current account export for Vidinland, as they are providing services to foreign residents.
D. Investors from the U.S. purchase several kashkaval factories in Vidinland. This transaction will be recorded as a capital account inflow for Vidinland, as foreign investments are flowing into the country.
E. Due to the high quality of the kashkaval produced in Vidinland, the investors from part D receive very large profits. This transaction will be recorded as a capital account outflow for Vidinland, as profits are being sent to foreign investors.
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4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.
a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)
Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).
What type of bar chart is most popular?When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.
Which bar charts are frequently employed to display time series data?Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.
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Samantha, a high school teacher, wants to spend more time with her children
and is looking for a part-time job in her field. What would be a good career
alternative for her?
A. Tutor
B. Administrative assistant
C. Pet groomer
D. Restaurant manager
No link please
Business optimism about future sales tends to __________ investment expenditures, shifting the _________curve to the __________. * Increase; AD; left Increases; AD: right Decrease; SAS; left Decrease; SAS: right
Answer:
increase, AD, left
Explanation:
AD curve is the aggregate demand curve that is represents the demand of all the total quantities of the goods and the services which is demanded by the economy at the different price levels. It is the demand of the total spending of the domestic services and goods of the country.
The business optimism about the future sales tends to increase the investment expenditure and shifts the aggregate demand curve to the left side.
+50 pts Which examples demonstrate common Therapeutic Services workplaces and employers? Check all that apply.
Reiko owns and operates her own private chiropractic practice.
Barney performs experiments in a research laboratory at a university.
Harmony assists with surgeries in a nonprofit community hospital.
Lionel listens to audio recordings and transcribes them in his home office.
Piper prepares food for customers in a restaurant.
Ian helps patients with basic tasks in their own homes.
Answer:a, c, f
Explanation:just got it right on edge
The following examples demonstrate common Therapeutic Services for workplaces and employers.
Reiko owns and operates her own private chiropractic practice.Harmony assists with surgeries in a nonprofit community hospital.Ian helps patients with basic tasks in their own homes.The correct options are A, C, and F.
What is the difference between therapy and therapeutics?An expert in mental health must be present and collaborating with you for something to be deemed "therapy." Even though the effects of therapy might be therapeutic, only the time spent with the mental health counselor actually counts as therapy.
To address an identified health issue, therapeutic procedures are carried out. The administration of prescription drugs, surgical procedures, and psychotherapy are just a few of the diverse processes that they cover. You have the chance to examine your thoughts, feelings, and behavioral patterns by working with a psychologist, therapist, or counselor in a therapeutic relationship. It can also assist you in picking up new coping mechanisms and methods to better handle the daily stresses and symptoms connected to your diagnosis.
Thus, the ideal selection is options A, C, and F.
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The Two types of wills are:
- formal and holographic
- legal and fake
- formal and casual
- none of the above
Cash outflows generated by capital investments include all of the following except: Multiple Choice initial investment in the capital asset. increase in operating expenses increase in the amount of required working capital. annual depreciation of the capital asset.
"Increase in operating expenses" is the cash outflows generated by capital investments typically include the initial investment in the capital asset, an increase in the amount of required working capital, and annual depreciation of the capital asset.
The initial investment in the capital asset represents the amount of cash that is paid to acquire the asset, such as the purchase of a new building or the installation of a new production line. This initial investment is typically the largest cash outflow associated with a capital investment.
An increase in the amount of required working capital is also a cash outflow associated with a capital investment. This refers to the amount of cash that is required to fund the ongoing operations of the business, such as inventory and accounts receivable.
Annual depreciation of the capital asset is another cash outflow associated with a capital investment. Depreciation is the process of allocating the cost of the asset over its useful life, and this expense is recognized on the income statement each year.
However, an increase in operating expenses is not typically considered a cash outflow generated by capital investments. Operating expenses are the day-to-day expenses required to run a business, such as rent, utilities, and salaries. While capital investments may have an impact on operating expenses in the long run, they do not directly generate cash outflows in the same way that the initial investment, working capital, and depreciation do.
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1) A small firm employs nine workers. The wages it pays to these workers are $200, $220, $280, $300, $310, 320, $330, $350 and $390 a week. What is the average wage paid?
solution :
sum of dollar =200+220+280+300+310+320+330+
350+390
Now,
average =total sum of all dollar
total sum of worker
=2370
9
=263.333#
A ___ activity includes those transactions and events that determine net income
Income statement is the financial statement that depicts the organization's revenues and expenses, providing an overview of its profitability over a specified period. It provides a summary of the activities, including transactions and events, that determine net income. It displays all sales, costs of sales, and other expenditures that go into running the company. The following is a brief overview of the income statement's components:
Revenue is the total amount of money earned from selling the product or service. The cost of goods sold is the expense associated with the production or purchase of the product or service sold, such as raw materials, labor, and other costs. Gross profit is revenue minus the cost of goods sold. Operating expenses are expenses incurred while conducting normal business operations, such as rent, utilities, wages, and advertising. They do not include interest or taxes. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a measure of a company's profitability.
Depreciation and amortization expenses are non-cash expenses that reduce the value of assets over time, such as equipment or patents. Interest expense is the expense associated with borrowing money. Income tax expense is the amount of taxes paid to the government based on the income earned by the business.Net income is the amount of money the company makes after all expenses are deducted. The income statement is a valuable tool for investors, creditors, and other stakeholders to evaluate a company's financial performance.
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an increase in the personal tax rate is likely to increase the debt ratio of the average corporation
An increase in the personal tax rate is not directly expected to impact the debt ratio of the average corporation.
The debt ratio of a corporation is a financial metric that measures the proportion of a company's debt in relation to its total assets. It is primarily influenced by factors such as the company's borrowing decisions, capital structure, profitability, and investment activities.
While personal tax rates can indirectly affect the financial health of corporations and the overall economy, their impact on the debt ratio is not straightforward. Higher personal tax rates can potentially influence consumer behavior and disposable income, which in turn can impact consumer spending and demand for goods and services.
This can indirectly affect corporate profits and, consequently, the ability of corporations to service their debts.
However, the relationship between personal tax rates and corporate debt ratios is complex and depends on various factors, including the specific tax policies, the overall economic conditions, and the behavior of individual corporations. It is important to note that corporate taxes and personal taxes are separate entities, and changes in personal tax rates do not directly alter the debt obligations or borrowing decisions of corporations.
To fully understand the potential impact of personal tax rate changes on the debt ratio of corporations, a comprehensive analysis of the specific tax policies, economic context, and corporate financial decisions would be necessary.
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The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
A. Checks outstanding totaled $5,560.
B. A deposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement.
C. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2,000.
D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730.
E. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co. on account.
F. Bank service charges for October amounted to $25.
G. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds.
Instructions
1. Prepare a bank reconciliation as of October 31, 20Y9. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2. Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. (7 lines in Journal)
3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?
Amount Descriptions Adjusted balance Bank error in charging check as $370 instead of $730 Bank error in charging check as $730 instead of $370 Bank service charges Check returned because of insufficient funds Company error in recording note collected by bank Deposit of October 31, not recorded by bank Error in recording check Outstanding checks Proceeds of note collected by bank, including $120 interest Total adjustments Coastal Bike Co.
Bank Reconciliation
October 31, 20Y9
1
Cash balance according to bank statement
2
Adjustments:
3
?
4
?
5
?
6
?
7
?
8
9
Cash balance according to company’s records
10
Adjustments:
11
12
13
14
15
16
Coastal Bike Co.'s bank reconciliation on October 31, 20Y9, adjusted the cash balance to $5,675. The corrected balance considers outstanding checks, bank errors, service charges, and other reconciling items.
Bank Reconciliation
October 31, 20Y9
Cash balance according to bank statement: $8,980
Adjustments:
Add: Deposit of October 31, not recorded by bank: $1,050
Add: Proceeds of note collected by bank, including $120 interest: $2,120
Add: Bank error in charging check as $730 instead of $370: $360
Less: Check returned because of insufficient funds: $880
Less: Bank service charges: $25
Less: Outstanding checks: $5,560
Cash balance according to company's records: $4,215
Adjustments:
Add: Company error in recording note collected by bank: $2,000
Less: Bank error in charging check as $370 instead of $730: $360
Less: Error in recording check: $180
Adjusted cash balance according to company's records: $5,675
Journal Entries:
To record the deposit of October 31:
Date Account Debit Credit
Oct 31 Cash $1,050
Accounts Receivable $1,050
To record the collection of the note by the bank:
Date Account Debit Credit
Oct 31 Cash $2,120
Interest Income $120
Notes Receivable $2,000
To correct the bank error in charging the check:
Date Account Debit Credit
Oct 31 Cash $360
Miscellaneous Expense $360
To record the check returned due to insufficient funds:
Date Account Debit Credit
Oct 31 Accounts Receivable $880
Cash $880
To record the bank service charges:
Date Account Debit Credit
Oct 31 Miscellaneous Expense $25
Cash $25
To adjust for outstanding checks:
Date Account Debit Credit
Oct 31 Accounts Payable $5,560
Cash $5,560
To correct the company error in recording the note collected by the bank
Date Account Debit Credit
Oct 31 Notes Receivable $2,000
Cash $2,000
To correct the error in recording the check:
Date Account Debit Credit
Oct 31 Accounts Payable $180
Cash $180
The cash amount to be reported on the balance sheet for Coastal Bike Co. on October 31, 20Y9, should be $5,675.
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