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Damon Company receives its monthly bank statement, which reports a balance of $1,975. After comparing this...
Damon Company receives its monthly bank statement, which reports a balance of $1,625. After comparing this...
Damon Company receives its monthly bank statement, which reports a balance of $1,625. After comparing this to the company’s cash records, Damon’s accountants determine that deposits outstanding total $2,700 and checks outstanding total $2,950. Required: Calculate the reconciled bank balance for cash. (Amounts to be deducted should be indicated with a minus sign.) Bank balance: Deposits outstanding: Checks outstanding: Reconciled bank balance:
17 In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco...
17 In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $5 million, patent: $3 million, trademark considered to have an indefinite useful life, and $5 million, goodwill Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in...
16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records...
16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,160, NSF check of $270, interest earned of $32, service fee of $47, and a check for $170 recorded twice by the company Calculate the correct balance of cash. Cash balance
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with...
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31. service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash. ach balance $ 2,379 Prey 2 of 10 Next >
Item 2 Item 2 A company's bank statement shows a cash balance of $4,110. Comparing the...
Item 2 Item 2 A company's bank statement shows a cash balance of $4,110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31, service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash.
On September 30 the bank statement of Fine Company showed a balance of $12.900. The following...
On September 30 the bank statement of Fine Company showed a balance of $12.900. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to $5.250 • Outstanding checks amounted to $9,420 • A $760 check was incorrectly drawn on Fine's account • NSF checks returned by the bank were $1.240 • The bank service charge was $43 • Credit memo for $180 for the collection of...
Bourne Incorporated reports a cash balance at the end of the month of $2,445. A comparison...
Bourne Incorporated reports a cash balance at the end of the month of $2,445. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($78), an NSF check from a customer ($280), a customer’s note receivable collected by the bank ($1,100), and interest earned ($28). Calculate the reconciled company balance for cash. (Amounts to be deducted should be indicated with a minus sign.) Company balance Service fees NSF check Note...
The balance shown in the August bank statement of a company was $22,500. After examining the...
The balance shown in the August bank statement of a company was $22,500. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding NSF check Note collected by bank for the Colt Company Deposits outstanding Bank service fees $3,600 140 1,600 1,800 60 What is the amount of cash that should be reported in the balance sheet as of August 31?
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720....
Using the following information: The bank statement balance is $5,550. The cash account balance is $5,720. Outstanding checks amounted to $875. Deposits in transit are $1,002. The bank service charge is $34. A check for $43 for supplies was recorded as $34 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation May 31 Cash balance according to bank statement$ Adjustments: Deposits in transit not recorded by bank $ Outstanding checks Total adjustments...
a. The bank statement balance is $3,159 b. The cash account balance is $3,334. c. Outstanding...
a. The bank statement balance is $3,159 b. The cash account balance is $3,334. c. Outstanding checks amounted to $785 d. Deposits in transit are $850 e. The bank service charge is $101 f. A check for $53 for supplies was recorded as $44 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliatiorn August 31 Cash balance according to bank statement Adjustments: 3,159 Deposits in transit not recorded by bank 850 Outstanding...
17 In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $5 million, patent: $3 million, trademark considered to have an indefinite useful life, and $5 million, goodwill Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight line method, no residual value, and a five-year service life. What is the total amount of amortization expense that would appear in...
16 A company's bank statement shows a cash balance of $4,200. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,160, NSF check of $270, interest earned of $32, service fee of $47, and a check for $170 recorded twice by the company Calculate the correct balance of cash. Cash balance
A company's bank statement shows a cash balance of $4.110. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,130, NSF check of $260, interest earned of $31. service fee of $42, and a check for $150 recorded twice by the company. Calculate the correct balance of cash. ach balance $ 2,379 Prey 2 of 10 Next >
On September 30 the bank statement of Fine Company showed a balance of $12.900. The following information was revealed by comparing the bank statement to the cash balance in Fine's accounting records: • Deposits in transit amounted to $5.250 • Outstanding checks amounted to $9,420 • A $760 check was incorrectly drawn on Fine's account • NSF checks returned by the bank were $1.240 • The bank service charge was $43 • Credit memo for $180 for the collection of...
The balance shown in the August bank statement of a company was $22,500. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding NSF check Note collected by bank for the Colt Company Deposits outstanding Bank service fees $3,600 140 1,600 1,800 60 What is the amount of cash that should be reported in the balance sheet as of August 31?
a. The bank statement balance is $3,159 b. The cash account balance is $3,334. c. Outstanding checks amounted to $785 d. Deposits in transit are $850 e. The bank service charge is $101 f. A check for $53 for supplies was recorded as $44 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliatiorn August 31 Cash balance according to bank statement Adjustments: 3,159 Deposits in transit not recorded by bank 850 Outstanding...
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