Reference no: EM132873495
Question - Alpha company provided the following information for the month of December:
Cash balance per ledger 5,000,000
Cash balance per bank statement 5,500,000
Proceeds of bank loan discounted on
December 1 for one year at 14% 516,000
Undeposited collections on December 31 300,000
Check of Omega company had been incorrectly deducted by bank from Alpha Company account 50,000
Check of Alpha Company in payment of an account payable had been recorded by the depositor as 20,000. The correct amount is 200,000
The ledger account for cash was the only cash account kept by the entity. It included a petty cash account comprised of the following items:
Currency and coin 4,000
Supplies 2,000
Transportation 3,000
Postage 1,000 10,000
Deposit of Omega Company credited by the bank to the account of Alpha company 130,000
Deposit of December 27 omitted from bank statement 150,000
Outstanding checks 544,000
Required -
a. Prepare bank reconciliation on December 31.
b. Prepare one journal entry only necessary to adjust the cash account.
|
Record the entrance of furley
: The book value of the net assets is also the fair value. No cash comes into the company. These are personal transactions. Record the entrance of Furley.
|
|
Compute the wacc of a hypothetical firm
: Compute the WACC of a hypothetical firm, if you know the return in the market, the risk free rate, the cost of debt and unlevered bhetaare .12
|
|
Record the transactions in the general journal
: The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $160,000. Record the transactions in the general journal
|
|
Record the entry of furley using the goodwill method
: Assume Furley puts into the partnership $350,000 of cash and is awarded a 40% interest. Record the entry of Furley using the goodwill method.
|
|
Prepare bank reconciliation on December
: Deposit of December 27 omitted from bank statement 150,000. Prepare bank reconciliation on December 31
|
|
Determine the gross pay for the employee for pay period
: Determine the gross pay for this employee for this pay period. An employee earns $20 per hour and 1.5 times that rate for all hours worked in excess of 40 hour
|
|
Conducting research using homeless individuals as subjects
: Discuss descriptive, analytic, and evaluative methods and give one example of how each would be used when conducting research using homeless individuals as subj
|
|
E-commerce instantly becomes international business
: Because the Internet connects computers all over the world, any business that engages in e-Commerce instantly becomes an international business.
|
|
Herzberg motivation-hygiene theory
: Describe how it applies to a situation or work environment. Explain exactly why you picked this theory, in other words, support your selection with specifics.
|