BUSINESS COLLEGE

The following information is needed to reconcile the cash balance for Discount Dry​ Cleaning, Inc. ​ A deposit of $ 5,600 is in transit. ​Outstanding checks total $ 1,500. ​The book balance is $ 6,100 on February​ 28, 2019. ​The bookkeeper recorded a $ 1,700 check as $ 17,300 in payment of the current​ month's rent. ​The bank balance on February​ 28, 2019, was $ 16,210. A deposit of $ 200 was credited by the bank for $ 2, 000. ​ A​ customer's check for $ 3,100 was returned for non-sufficient funds. ​The bank service charge is $ 90. What was the adjusted book​ balance?

Answers

Answer 1
Answer:

Answer:

$18,510.

Explanation:

Book Balance                                               $6,100

Adjustments:

Add: Transposition Error                             15,600

Less: NSF                                                       3,100

Bank Service Charges                                       90

Adjusted Book Balance                            $18,510

Transposition Error - Company has understated its Cash Balance by recording 17,300 instead of 1,700. So, add the error to the Account.

NSF - Company has recorded a collection of receivable. But the bank termed the Check as "NSF" because of insufficient funds. So, deduct it from the Cash balance.

Deposit in-Transit and Outstanding Checks are already recorded in the Company's books of accounts. These transactions should be adjusted in the Bank Account.

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Calculate the EOQ size for the following case. What is the EOQ size and the number of orders placed per year? For your answer, round up the figures up to 0 decimal points. (size/number) The annual demand for the item is 2580 units. It costs $500 to place an order and costs $20 per item to carry it a year without passing it to the customer.
The Manufacturing Overhead account shows debits of $30,000, $24,000, and $28,000 and one credit for $86,000. Based on this information, manufacturing overhead: not been applied. shows a zero balance. has been underapplied. has been overapplied.
oo, Inc., has arranged a line of credit that allows it to borrow up to $55 million at any time. The interest rate is .631 percent per month. Additionally, the company must deposit 5 percent of the amount borrowed in a non-interest bearing account. The bank uses compound interest on its line-of-credit loans. If the company needs $31 million for 8 months, how much will it pay in interest
Lisa Frees and Amelia Ellinger had been operating a catering business for several years. In March 2014, the partners were planning to expand by opening a retail sales shop and decided to form the business as a corporation called Traveling Gourmet, Inc. The following transactions occurred in March 2014: a. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value of $13,000, and $1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share. b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest. c. Borrowed $50,000 from the local bank on a 10 percent, one-year note. d. Purchased and used food and paper supplies costing $10,830 in March; paid cash. e. Catered four parties in March for $4,200; $1,600 was billed, and the rest was received in cash. f. Made and sold food at the retail store for $11,900 cash. g. Received a $420 telephone bill for March to be paid in April. h. Paid $363 in gas for the van in March. i. Paid $6,280 in wages to employees who worked in March. j. Paid a $300 dividend from the corporation to each owner. k. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash. Compute ending balances for Cash, Accounts Receivable, Supplies, Equipment, Building, Accounts Payable, Note Payable, Mortgage Payable, Common Stock, Additional Paid-in Capital, Retained Earnings, Food Sales Revenue, Catering Sales Revenue, Supplies Expense, Utilities Expense, Wages Expense, and Fuel Expense. 1. Prepare an income statement in good form for the month of March 2014. (Ignore retained earnings and 80,000 in the table just below)2. Operating (O), investing (I), and financing (F) activities affecting cash flows. Include the direction and invest of the effect
Fuji film sponsored a beach volleyball tournament in February in Laguna Beach, CA. They paid over $300,000 to be the official sponsor of the tournament and were extremely upset when Kodak, who was not an official sponsor, showed up right outside the venue and began marketing Kodak products. What made it even worse was that Kodak used unconventional marketing techniques that really caught people's attention. A group of Kodak employees painted their entire bodies yellow and wore Kodak shorts. Then, they offered people Kodak digital cameras and told them they could win a free Kodak camera if they took the goofiest picture. Kodak was using which two marketing techniques?

An investment had a nominal return of 11.1 percent last year. If the real return on the investment was only 7.3 percent, what was the inflation rate for the year

Answers

Answer:

inflation rate= 3.8%

Explanation:

Giving the following information:

Nominal return= 11.1 percent

Real return= 7.3 percent

The real return on investments is the difference between the nominal return and the inflation rate.

Real return= nominal return - inflation rate

inflation rate= nominal return - real return

inflation rate= 11.1 - 7.3

inflation rate= 3.8%

Final answer:

The inflation rate is determined by subtracting the real return on an investment from its nominal return. In this case, the inflation rate is 3.8 percent.

Explanation:

The inflation rate can be calculated by subtracting the real return from the nominal return. In this case, the nominal return is 11.1 percent and the real return is 7.3 percent.

To calculate the inflation rate, we use the formula: Inflation rate = Nominal return - Real return. So, the inflation rate would be: 11.1 - 7.3 = 3.8 percent.

This means that the value of money decreased by 3.8 percent over the course of the year due to inflation.

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Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March Material purchases $ 13,180 $ 15,290 $ 12,110 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,900. The expected January 31 Accounts Payable balance is:______________.

Answers

Answer:

The expected January 31 Accounts Payable balance is $6,590

Explanation:

The December Accounts Payable balance is $7,900 - this is the 50% purchase amount in December and will be paid in January.

In January, Fortune Company will pay 50% purchase amount in December and 50% purchase amount in January.

Expected payment = $7,900 + 50% x $13,180 = $14,490

At January 31, the expected Accounts Payable balance:

$13,180 x 50% = $6,590

Final answer:

The expected Accounts Payable balance for Fortune Company at the end of January is $10,540, taking into account the payables carried over from December and half of January's purchases.

Explanation:

The question is regarding the calculation of the expected Accounts Payable balance at the end of January for Fortune Company. The company's payment schedule shows a split of 50% payment in the month of purchase and 50% in the following month. To compute the January 31 Accounts Payable, we need to consider the December Accounts Payable which is to be paid in January (50% of $7,900 = $3,950), and half of January's purchase ($13,180) which will amount to $6,590. Hence the expected January 31 Accounts Payable is: $3,950 (December's payable) + $6,590 (January's payable) = $10,540.

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If a purchasing agent must put up a cash deposit for construction services, for security purposes, instead of giving it directly to the contractor, he or she may insist that it be placed in a(n):

Answers

Answer:

Escrow account

Explanation:

An escrow account is a type of account in which a third party helds a certain amount of money while two parties complete a transaction. This is used to protect people from fraud when they are involve in transactions like purchasing a house as both parties can trust that the money is safe and the third party only provides the funds when they agree with everything and are happy with the results.

According to this, the answer is that if a purchasing agent must put up a cash deposit for construction services, for security purposes, instead of giving it directly to the contractor, he or she may insist that it be placed in an escrow account because the money would be safe and it would be maintained by a third party that will provide the funds when the services are complete.

Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2018, 300 shares of preferred stock and 3,100 shares of common stock have been issued. The following transactions affect stockholders' equity during 2018: March 1 Issue 1,100 shares of common stock for $33 per share.

May 15 Purchase 400 shares of treasury stock for $26 per share.

July 10 Reissue 200 shares of treasury stock purchased on May 15 for $31 per share.

October 15 Issue 200 shares of preferred stock for $36 per share.

December 1 Declare a cash dividend on both common and preferred stock of $0.80 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.)

December 31 Pay the cash dividends declared on December 1.

Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2018: Preferred Stock, $300; Common Stock, $31; Additional Paid-in Capital, $67,000; and Retained Earnings, $26,000. Net income for the year ended December 31, 2018, is $9,900.

Taking into consideration the beginning balances on January 1, 2018 and all the transactions during 2018, respond to the following for Donnie Hilfiger:

Required:

1. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

2. Prepare the statement of stockholders' equity for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Answers

Answer:

Explanation:

Attached herewith is a picture that explains all that is needed concerning this question. Thank you and i hope it helps you as you go through

Final answer:

The stockholders' equity section of the balance sheet as of December 31, 2018, shows Preferred Stock: $60,000, Common Stock: $64.00, Additional Paid-in Capital: $125,600, Treasury Stock: ($6,400), Retained Earnings: $ 50,420, and Total Stockholders' Equity: $229,680. The statement of stockholders' equity for the year ended December 31, 2018, shows the effects of the various transactions during the year, including stock issuances, treasury stock purchases and reissues, net income, and cash dividends declared.

Explanation:

Stockholders' equity section of the balance sheet as of December 31, 2018:

  • Preferred Stock: $60,000
  • Common Stock: $64.00
  • Additional Paid-in Capital: $125,600
  • Treasury Stock: ($6,400)
  • Retained Earnings: $50,420
  • Total Stockholders' Equity: $229,680

Statement of Stockholders' Equity for the year ended December 31, 2018:

  • Beginning Balance: $31
  • Additional Paid-in Capital: $125,600
  • Common Stock Issuance: $33,000
  • Treasury Stock Purchase: ($10,400)
  • Treasury Stock Reissue: $6,200
  • Preferred Stock Issuance: $7,200
  • Net Income: $9,900
  • Cash Dividends Declared: ($2,640)
  • Ending Balance: $229,680

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A peer or manager who works closely with employees to motivate them, help them develop their skills, and provide reinforcement and feedback is known as a

Answers

Answer: Coach

Explanation:

Like a coach does in sports, so does a coach do in business. They work closely with employees so that they can bring out the best in them by motivating them, helping them develop their skills and providing feedback and reinforcement so that they can know where to improve upon.

They can either be peers in the company or they can be managers but the bottom-line is that they aim to help employees do their best so that the company benefits as well.

A startup jewelry company wants to research designs from its potential new jewelry line. It has little money to devote to the research. Which combination of research methods would best suit its situation

Answers

Answer:

Mail and online research.

Explanation:

Since in the given situation, it can be seen that the company does not have much amount to be incurred on the research so the best option is to do online research and mail as the person research and the telephone research becomes expensive as compared to the mail and online research

Therefore the above should be the answer

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