A firm has $16,718 in outstanding checks that have not cleared the bank. The firm also...
A firm has $16,718 in outstanding checks that have not cleared the bank. The firm also has $13,250 in deposits that have been recorded by the firm but not by the bank. The current available balance is $8,407. What is the status of the net float?
Please show all correct calculations. Thank You.
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A firm has $16,718 in outstanding checks that have not cleared
the bank. The firm also...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
B.M Company Operations cash account has a month end balance of $128,002. Outstanding checks as of...
B.M Company Operations cash account has a month end balance of $128,002. Outstanding checks as of month end totaled $3,050. Deposits in transit totaled $100 at month end. The company incorrectly recorded a payment on their books for $125 that correctly cleared the bank for $152. The amount was originally posted to miscellaneous expense. The bank statement also shows a service charge of $100 on the account. The balance per the bank statement is $130,825.
I need help with the deposits in transit, outstanding checks, and that one joirnal entry please....
I need help with the deposits in transit, outstanding checks,
and that one joirnal entry please.
Teal Mountain Inc's bank statement from Main Street Bank at August 31, 2022, gives the following information Balance, August 1 $18,665 Bank debit memorandum: August deposits 71,265 Safety deposit box fee $85 Checks cleared in August 68,618 Service charge 1 110 Bank credit memorandum: Balance, August 31 21.222 Interest earned 105 A summary of the Cash account in the ledger for August shows the...
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write...
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $41,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Type of float Available balance c. Book...
You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write...
You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $43,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Disbursement float a. Type of float b....
You have $13,500 on deposit with no outstanding checks or uncleared deposits. Assume you deposit ...
You have $13,500 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $5,100. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Available balance $ What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Book balance
You have $11,900 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a...
You have $11,900 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $2,200. a. Does this create a disbursement or collection float? b. What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Float type Available balance b. Book balance
You have $138,000 on deposit with no outstanding checks or uncleared deposits. One day you write...
You have $138,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $46,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round *** your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your ** answer to the nearest whole number, e.g., 32.) Type of float b. Available...
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank...
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank statement balance outstanding checks are added and deposits in transit are subtracted from the bank statement balance outstanding checks are subtracted and deposits in transit are added to the bank statement balance outstanding checks and deposits in transit are added to the bank statement balance Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a debit...
Problem 17-1 Calculating Float (LO 1) You have $126,000 on deposit with no outstanding checks or...
Problem 17-1 Calculating Float (LO 1) You have $126,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $58,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round ** your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your ** answer to the nearest whole number, e.g.,...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
I need help with the deposits in transit, outstanding checks,
and that one joirnal entry please.
Teal Mountain Inc's bank statement from Main Street Bank at August 31, 2022, gives the following information Balance, August 1 $18,665 Bank debit memorandum: August deposits 71,265 Safety deposit box fee $85 Checks cleared in August 68,618 Service charge 1 110 Bank credit memorandum: Balance, August 31 21.222 Interest earned 105 A summary of the Cash account in the ledger for August shows the...
You have $143.000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $41,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Type of float Available balance c. Book...
You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $43,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Disbursement float a. Type of float b....
You have $11,900 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $2,200. a. Does this create a disbursement or collection float? b. What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Float type Available balance b. Book balance
You have $138,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $46,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round *** your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your ** answer to the nearest whole number, e.g., 32.) Type of float b. Available...
Problem 17-1 Calculating Float (LO 1) You have $126,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $58,000. a. Does this create a disbursement float or a collection float? What is your available balance? (Do not round intermediate calculations and round ** your answer to the nearest whole number, e.g., 32.) What is your book balance? (Do not round intermediate calculations and round your ** answer to the nearest whole number, e.g.,...
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