Tiny Waterton owns and operates an automobile repair shop. Many of his customers use credit cards for
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Question:
Tiny Waterton owns and operates an automobile repair shop. Many of his customers use credit cards for their purchases, and his credit-card sales during a recent week were $8752.40. During the same period, he had $573.94 in credit refunds, and he pays credit-card fees of 21/2 % on the net credit-card sales.
The balance at the beginning of the week was $4228.34.Checks outstanding were $758.14, $3887, $1671.88, $120.13, $26475, $78.11, $3662.73, $816.25, and $400. Waterton and credit-card and bank deposits of $458.23, $771.18, $23571, $1278.55, $63.52 and $1475.39 that were not recorded.
Find the net deposit given credit-card sales and refunds.
Related Book For
Taxes and Business Strategy A Planning Approach
ISBN: 9780132752671
5th edition
Authors: Myron Scholes, Mark Wolfson, Merle Erickson, Michelle Hanlon
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