Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

problem: The following data is available to reconcile Acme Co.'s book balance of cash with its bank statement cash balance as of April 30. The April 30 cash balance according to the accounting records is $78,356, & the bank statement cash balance for that date is $83,525.

[A] The bank erroneously cleared a $480 check against the account in April that was not issued by Acme. The check documentation included with the bank statement indicates the check was actually issued by Lightning Co.

[B] On April 30, the bank issued a credit memorandum for $53 interest earned on Acme’s account.

[C] When the April checks are compared with entries in the accounting records, it is found that Check No. 1828 had been correctly drawn for $1,530 to pay for advertising but was erroneously entered in the accounting records as $1,350

[D] A credit memorandum indicates that the bank collected $10,000 cash on a note receivable for Acme, deducted a $30 collection fee, & credited the balance to the firm's Cash account. Acme did not record this transaction before receiving the statement.

[E] A debit memorandum of $895 is enclosed with the bank statement for an NSF check for $870 received from a customer. The bank assessed a $25 fee for processing it.

[F] Acme April 30 daily cash receipts of $5,102 were placed in the bank's night depository on that date, but do not appear on the April 30 bank statement.

[G] Acme April 30 cash disbursements journal indicates that Check No. 1837 for $584 and Check No. 1840 for $1,219 were both written and entered in the accounting records, but are not among the canceled checks.

Make the bank reconciliation for this firm as of April 30.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M922066

Have any Question? 


Related Questions in Basic Finance

1 why is it not surprising to learn that growth rates

1. Why is it not surprising to learn that growth rates rarely show predictable trends? 2. The book value of a firm's common equity is usually lower than the market value of the common stock. Why? Can you describe a situa ...

1 when are correlational research designs used in

1. When are correlational research designs used in behavioral research? What are their advantages and disadvantages? 2. What are a linear relationship and a curvilinear relationship? What does it mean if two variables ar ...

In a column in the new york times harvard economist edward

In a column in the New York Times, Harvard economist Edward Glaeser argues: "Theory and data both predict that the 1.2 percentage point drop in real interest rates that America experienced between 1996 and 2006 should ca ...

Assignment learning outcomes covered1 to enable students to

Assignment Learning Outcomes Covered 1. To enable students to explore and develop an understanding of the theoretical techniques, concepts and methods employed in finance. 2. To develop the ability to apply the theoretic ...

A what social and economic conditions support and encourage

(a) What social and economic conditions support and encourage healthy choices? (b) What social and economic structures affect health that have nothing to do with individual choices?

Part 11 prospective analysisforecast future financial

Part 1 1. Prospective Analysis Forecast future financial performance. Use the four valuation models outlined in class to produce an estimate of firm value, and compare to stock price. Perform sensitivity analysis and dis ...

A company forecasts free cash flow next year to be 4

A company forecasts free cash flow next year to be $4 million, $8 million in two years, and $12 million in 3 years. Thereafter, free cash flow is projected to grow at a constant rate of 3% per year forever. If the overal ...

A companys current ratio is 30 if the company uses cash to

A company's current ratio is 3.0. If the company uses cash to retire notes payable due within one year, would this transaction increase or decrease the current ratio and asset turnover ratio? Current Ratio: Decrease; Ass ...

A simple random sample of 120 men results in a mean of 80

A simple random sample of 120 men results in a mean of 80 beats per minute, and a standard deviation of 11 beats per minute. Based on the sample results, the researcher concludes that the pulse rates of men have a standa ...

Assignment casethis case has two separate partspart i

Assignment Case This case has two separate parts. Part I: Capital Budgeting Practice Problems a. Consider the project with the following expected cash flows: Year  Cash flow 0 -$400,000 1 $100,000 2 $120,000 3 $850,000 • ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen