Calculate the adjusted cash balance for the january

Assignment Help Accounting Basics
Reference no: EM132234585

Question - The following items appeared on the January 31 bank reconciliations for Gower Company:

  • Bank Service Charge: $8
  • NSF Check: $40
  • Outstanding Checks: $30
  • Deposit in Transit: $80
  • Error: Deposit by Gower for $404 was correctly recorded by Gower, but recorded for $440 by the bank.
  • Bank collection of Note Receivable for Gower: $170

The unadjusted balance per the January 31 bank statement is $1,000.

The adjusted cash balance for the January 31 balance sheet is:

a. $1,136

b. $1,014

c. $1,086

d. $1,050

Reference no: EM132234585

The building using straight line depreciation

On January 1, 2005, the Klinefelter Company purchased a building for $520,000. The building had an estimated life of 20 years and an estimated residual value of $20,000.

What is realized and recognized gain on the second asset

Jerry transfers two assets to a corporation as part of a Sec. 351 exchange. The first asset has an adjusted basis of $70,000 and a FMV of $50,000. The second asset has an ad

Long-term and short-term basis

Suppose you believe that the economy is just entering a recession. Your firm must raise capital immediately, and debt will be used. Should you borrow on a long-term or a sho

Determine qcis preliminary net income

Quick Cleaners, Inc. (QCI) has been in business for several years. It specializes in cleaning houses but has some small business clients as well. Prepare journal entries for t

Problem related to fair market value

Rob was given a residence in 2010. At the time of the gift, the residence had a fair market value of $200,000, and its adjusted basis to the donor was $140,000. The donor pa

Percentage of sales and percentage of receivables

What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the

Balance sheet of raider corporation

Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. Explain how the use of the losses in Part a

Produces top-quality stereos and uses process costing

Old Victrola, Inc., produces top-quality stereos and uses process costing. The manufacture of ste- reos is such that direct materials, labor, and overhead are all added even


Write a Review

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