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The accounting records and bank statement for Walters, Inc. revealed the following information for April 30, 2010:
Bank statement balance, April 30, 2010 $51,000Credit memo with bank statement for interest earned during April on bank account 15Debit memo with bank statement for April's service charge 27Deposits in transit on April 30 2,000Cash on hand 500NSF customer check on April 30 1,000A $175 deposit made on April 3 was recorded incorrectly by the bank as 125The bank collected a customer's note receivable (including 10% interest) 1,100Outstanding checks on April 30 3,900Cash account balance, April 30, 2010 50,000
Required:
a. Prepare a bank reconciliation using good format. Be sure to include the "cash shortage".
b. Prepare any necessary adjusting journal entries for April 30, 2010. Be sure to include the "cash shortage".
A friend has $950 that has been saved from her part-time job. She will need her money-Calculate the interest earned on the savings account for six months.
Signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205.
She does remember that the machine has a projected life of 10 years. Based on these data, the annual cost savings are:
On July 1, 2007, Risen Co. issued 1500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2007 and mature on April 1, 2017. Interest is payable semiannually on April 1 and October 1. What total amount of cash did Ri..
You have an an inventory of women's clothes and also inventory of Hi-Tech equipment like Ipods or cell phones. You are like Walmart. You are nervous in that noone is buying certain woman's clothing in your stock and also noone is buying some of yo..
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?
Paquindo Co. has two products: X and Y. The firm had the following budget and operating results for the period just ended. The budgeted total industry sales for both products was 324,800 units and the actual industry sales was 350,000.
What criteria of an "Investment in Stock" can be categorized as long term investment (Long term investment) and what the long-term investment objectives in the form of shares issued by another company?
David organize white Corporation with a transfer of land (basis of $200,00, fair market value of $600,000) that is subject to a mortgage of $150,000. A month before the incorporation, David borrowed $100,000 for personal purpose and gave the bank ..
Timmer Bachman founded the Bachman Corporation over 25 years ago. The company's genesis was the unique climbing apparatus developed by Timmer, an avid mountaineer.
The total budgeted manufacturing overhead for the year was $2,000,000, of which $1,600,000 was variable and $400,000 was fixed.
Doris Co. is considering purchasing a new machine which will cost $200,000, but which will decrease cash expenses each year by $20,000. The useful life of the machine is 10 years.
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