Prepare the bank reconciliation

Assignment Help Finance Basics
Reference no: EM1360519

Louis Nicosia operates four 7-11 stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840. Listed on the statement are an EFT rent collection of $400, a service charge of $12, two NSF checks totaling $74, and a $9 charge for printed checks. In reviewing his cash records, Nicosia identifies outstanding checks totaling $467 and an October 31 deposit in transit of $1,788. During October, he recorded a $290 check for the salary of a part-time employee by debiting Salary Expense and crediting Cash for $29. Nicosia's Cash account shows an October 31 cash balance of $5,117. Prepare the bank reconciliation at October 31.

Reference no: EM1360519

Questions Cloud

Determine the speed of the test charge : The rms speed of the molecules in 1.8 of hydrogen gas is 1600 m/s. What is total translational kinetic energy of the gas molecules.
Client perceptions of substance use and abuse : Discuss how client culture may influence client perceptions of substance use and abuse. Then explain how one might use this information to determine if a client meets the criteria for a substance abuse disorder.
Explain are there approaches that work better than others : Explain are there approaches that work better than others and what do you think works for you as an approach in an online learning situation?
Write program to animate two circles bouncing around window : Write a program to animate two circles bouncing around a window. The basic idea is to start the two circles somewhere in the interior of the window.
Prepare the bank reconciliation : Louis Nicosia operates four 7 to 11 stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840.
What is the most effective workplace safety : What is the most effective workplace safety initiative that you have experienced and why was it successful?
Theoretical underpinnings : Using the following outline below, can you propose a group of your choice. Use references to support the theoretical underpinnings and other areas as relevant.
What does that mean that your real income has increased : You find that your paycheck for the year is higher this year than last. What does that mean that your real income has increased. Explain carefully.
Explain what are some common theories : Explain What are some common theories about instruction and How do you think instructional theory impacts online instructional delivery?

Reviews

Write a Review

 

Finance Basics Questions & Answers

  Calculate the simple interest on investment

Calculate the simple interest on a $9,212 investment made for five years at an interest rate of 6.5 percent per year.

  Computation of company stock price

Firm x has net income of $2,000,000 and it has $1,000,000 share of common stock outstanding. The Firm's stock currently trades at $32 per share.

  Sensitivity analysis and scenario analysis

Suppose if you were the CFO of a company that had to decide on hundreds of potential projects per year, would you wish to use sensitivity analysis and scenario analysis as explained in the chapter,

  External financing required for finance sales increase

Rodeo Supply Corporation is considering to increase its sales by 20% next year. The sales increase will need a total additional investment in receivables, inventory, and fixed assets of $750,000.

  Revise the pricing strategy

As a advertiser, when do you think it is right to go against the pricing norms of your company? Would you be comfortable making the case to executives.

  Determine the dividend paid

A share of stock is currently selling for $31.80. If the anticipated constant growth rate for dividends is 6% and investors are seeking a 16% return, determine the dividend just paid?

  Performing the tvm concepts

(Annualizing a monthly rate) You credit card statement says which you will be charged 1.05% interest a month on unpaid balances. What is the Effective Annual Rate (EAR) being charged?

  Supply chains and working capital management

Supply Chains and Working Capital Management: -  Examine the key reasons why a business may not want to hold too much or too little working capital. Provide examples that illustrate the consequences of either situation.

  Description of dividend discount model

Hanebury Manufacturing Company has preferred stock outstanding with par value of $50. The stock pays a quarterly dividend of $1.25 and has a current price of $71.43. Find out the nominal rate of return on preferred stock?

  Calculate the new cash convergence cycle

Firm x has 15 million of sales, two million of inventories, three million of recievables, and 1 million of payables. its cost of goods sold is 80% of sales,

  Finding the bond value

What was your average annual capital gains yield over the past three years on this bond ('07-'10)? Note: just find the capital gains yield, not the "total" yield.

  Determine the duration

A corporation is attempting to raise $5,000,000 in new equity with a rights offering. The subscription price will be $40 each share. The stock currently sells for $50 each share and there are 250,000 shares were outstanding.

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