As part of your verification, you obtain the bank statement and cancelled checks from the bank...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2019. Checks issued from January 1 to January 15, 2019, per books were $22,482 Checks returned by the bank on January 15 amounted to $58,438. Of the checks outstanding December 31, $9,600 were not returned by the bank with the January 15 statement, and of those issued per books in January 2019. $7,200 were not returned Deposits in transit Outstanding checks Balance per books $ 69 37,856 68,390 42,756 25,634 Required: 1. Calculate the disbursements per books based on the above data 2. Suggest three possible explanations for the difference between the disbursements per books as computed and as reported. As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2019. Checks issued from January 1 to January 15, 2019, per books were $22,482 Checks returned by the bank on January 15 amounted to $58,438. Of the checks outstanding December 31, $9,600 were not returned by the bank with the January 15 statement, and of those issued per books in January 2019. $7,200 were not returned Deposits in transit Outstanding checks Balance per books $ 69 37,856 68,390 42,756 25,634 Required: 1. Calculate the disbursements per books based on the above data 2. Suggest three possible explanations for the difference between the disbursements per books as computed and as reported.
Expert Answer:
Answer rating: 100% (QA)
Calculation of Disbursements per books Starting balance per books 25634 Add Checks issued from Janua... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
As part of your financial planning, you wish to purchase a new car exactly 5 years from today. The car you wish to purchase costs $14,000 today, and your research indicates that its price will...
-
As part of your firms training program newly hired PA recruits must audit a fictitious audit client Merlon Intercom Inc MII The recruits complete various sections of the audit file for the year ended...
-
As part of your answer to problem 2, you computed the price of the bond [column (4)]. This is the same as the PV of cash flows in column (4). a. Recompute the price of a bond based on a 11 percent...
-
You have been asked, as a consultant, by the chief compliance officer of a multi-facility health system to assist in evaluating the organizations current enterprise-wide coding compliance plan for...
-
A long bar of rectangular cross section, 0.4 m x 0.6 m on a side and having a thermal conductivity of 1.5 W/m K is subjected to the boundary conditions shown below. Two of the sides are maintained...
-
Jim makes a deposit of $12,000 in a bank account. The deposit is to earn interest compounded annually at the rate of 6 percent for seven years. a. How much will Jim have on deposit at the end of...
-
The College Barber Shop employs four barbers. One barber, who also serves as the manager, is paid a salary of \($2,000\) per month. The other barbers are paid \($1,400\) per month. In addition, each...
-
The Connecticut Computer Company has the following selected financial results. The company is considering a capital restructuring to increase leverage from its present level of 10% of capital. a....
-
Using the income statement data provided for Ford Motor Company, calculate the following tax-related figures: Item Amount (in millions) Total Income Before Taxes $20,000 Total Income Tax Expense...
-
1. What is the cost of debt for Sunrise Bakery? 2. What is their cost of equity? 3. What is the WACC? 4. Which cost of capital should be used to evaluate the feasibility of the oven purchase? 5....
-
According to the article, the Covid pandemic brought out the best in collaborative engagement between South African suppliers and retailers as all players leant in, increasing communications and...
-
Prove the following: A language X is the language of an alternating TM with O(logn) space and O(1) alternations if and only if X is in NL. Easy Warm-up #2: A boolean circuit is called a formula if...
-
VRIO analysis of General Motors' most important resources (in the VRIO model, resources are considered intangible resources, tangible resources, competencies, and capabilities). Produce a model...
-
Why was Goldman Sachs not obligated to disclose its position on securities it was marketing to its clients?
-
Break-Even in Units, Target Income, New Unit Variable Cost, Degree of Operating Leverage, Percent Change in Operating Income Reagan, Inc., has developed a chew-proof dog bed the Tuff-Pup. Fixed costs...
-
1. what drives the buying habits of a female professionals (between ages 25-35), who is a pet owner? What needs , wants and demands could be driving their shopping habits for their pets?
-
QUESTION #1 QUESTION #2 QUESTION #3 . Culver Corp. Statement of Financial Performance Sales Revenue Cost of Goods Sold Net Income / (Loss). Items that will not be reclassified subs...
-
A fast-food restaurant averages 150 customers per hour. The average processing time per customer is 90 seconds. a. Determine how many cash registers the restaurant should have if it wishes to...
-
Doctors Hanson, Dominick, and Borchard are radiologists living in Fargo, North Dakota. They realize that many of the states small, rural hospitals cannot afford to purchase their own magnetic...
-
Delray Industries manufactures plastic wading pools as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in...
-
Discounting a future cash flow at 15 percent results in a lower present value than does discounting the same cash flow at 10 percent. Explain why.
-
The April 17, 2001, issue of the Wall Street Journal includes an article by James Bandler and Mark Maremont entitled "How Xerox's Plan to Reduce Taxes While Boosting Earnings Backfired." Instructions...
-
Ann Osborne recently graduated from college with a degree in landscape architecture. Her father runs a tree, shrub, and perennial-flower uursery, and her brother has a business delivering lopsoil,...
-
Net income is $132,000. During the year,counts payable increased $10,000, inventory decreased $6,000, and accounts receivable in- creased $12,000. Under the indirect method, net cash provided by...
Study smarter with the SolutionInn App