The following information is needed to reconcile the cash balance for Next Ltd company. 1. A...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is needed to reconcile the cash balance for Next Ltd company. 1. A deposit of $20,300 is in transit. 2. The book balance is $75,180 at February 28, 2023. 3. Bank statement includes $7,000 deposit of interest revenue which is not recorded in the compay's account 4. The bank balance at February 28, 2023 was $63,000. 5. Outstanding checks total $14,280. 6. A customer's check for $12,950 was returned for nonsufficient funds. 7. The bank service charge is $210. Based on this information, prepare a bank reconciliation for Next Ltd company as of February 28, 2023. Answer: ADD: LESS: BANK Next Ltd company Bank Reconciliation February 28, 2023 ADD: LESS: 4 Marks BOOK The following information is needed to reconcile the cash balance for Next Ltd company. 1. A deposit of $20,300 is in transit. 2. The book balance is $75,180 at February 28, 2023. 3. Bank statement includes $7,000 deposit of interest revenue which is not recorded in the compay's account 4. The bank balance at February 28, 2023 was $63,000. 5. Outstanding checks total $14,280. 6. A customer's check for $12,950 was returned for nonsufficient funds. 7. The bank service charge is $210. Based on this information, prepare a bank reconciliation for Next Ltd company as of February 28, 2023. Answer: ADD: LESS: BANK Next Ltd company Bank Reconciliation February 28, 2023 ADD: LESS: 4 Marks BOOK
Expert Answer:
Answer rating: 100% (QA)
To prepare a bank reconciliation for Next Ltd company as of February 28 2023 we need to consider the ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date:
Students also viewed these accounting questions
-
The following information is needed to reconcile the cash balance for Fire Steel Inc. A deposit of $5,800 is in transit. Outstanding checks total $1,500. The book balance is $6,800 at February 28,...
-
Balance as per the bank statement is $11,240. Balance as per books is $10,200. Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement. A deposit in transit of...
-
Ivanhoe Company was formed on July 1, 2018 It was authorized to issue 285,500 shares of $10 par value common stock and 95,400 shares of 8 $25 par value, cumulative and nonparticipating preferred...
-
A small but rigid -shaped wire carrying a 5.0-A current (Fig. 20-62) is placed inside a solenoid. The solenoid is 15.0 cm long and has 700 loops of wire, and the current in each loop is 7.0 A. What...
-
Topiary Co. produces molded plastic garden pots and other plastic containers. In June 2020, Topiary produces 1,000 lots (each lot is 12 dozen pots) of its most popular line of pots, the 14-inch...
-
Consider the following cash flow profile, and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically...
-
Bjerg Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000...
-
= 1, 2, 3,.... Problem 3.32. Suppose (xi) 1 C R and xi xi+1 for all i Show that there is an x* = (-, 0] such that x converges to x*. That is {x} x*, though perhaps x* .
-
Consider this simplified balance sheet for Geomorph Trading: Current assets $ 150 Current liabilities $ 85 Long-term assets 550 Long-term debt 255 Other liabilities 120 Equity 240 $ 700 $ 700 a. What...
-
1)Why should Whirlpool Corporation be interested in cost modeling? How can they use supplier cost models in procurement? 2) Consider Exhibit 2 in the Whirlpool Corporation Global Procurement Case...
-
You should examine and discuss your reactions and notions about how the material pertinent to a given week relates to your own past/future work/non-work situations. Each blog entry must have 4...
-
Reviewing the statement of cash flows of KRJ Enterprises (all figures in $ millions), you find the following items: net cash flow from operating activities of $772, net cash flow from investing...
-
You should come to a well thought-out conclusion as to which of the three techniques is most preferable. You need to back up your conclusion with at least 3 supporting points. To be complete, your...
-
Chilli Pepa operates a fishing supplies store. During the 2023 income year, Chilli recorded the following trading stock balances (excluding GST): Trading stock at 30 June 2022 $37,000 (at cost)...
-
x 50 2. Solve 2x + 4x x-8 x+6 algebraically. Include an interval chart in your solution. (6 marks)
-
Refrigerant-134a enters an adiabatic compressor as saturated vapor at 120 kPa at a rate of 0.3 m3/min and exits at 1-MPa pressure. If the isentropic efficiency of the compressor is 80 percent,...
-
What is the difference between cash basis accounting versus accrual basis-accounting?
-
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Compute the following amounts for the month of May....
-
Troyer's long-term available-for-sale portfolio at December 31, 2016, consists of the following. Available-for-Sale Securities Cost Fair Value 27,500 shares of Company R common stock . . . . . . . ....
-
For coordinates \(\left(x^{1}, x^{2} ight)\) and metric \(g=\operatorname{diag}\left(g_{11}, g_{22} ight)\), the Gaussian curvature is For a sphere with coordinates defined in the following figure,...
-
Consider the holonomic basis defined in Box 26.1 . Using that the tangent vector for a curve can be written \(t=t^{\mu} e_{\mu}=\left(d x^{\mu} / d \lambda ight) e_{\mu}\), show that Thus, \(g_{\mu...
-
The Lie bracket of vector fields \(A\) and \(B\) is defined as their commutator, \([A, B]=\) \(A B-B A\). The Lie bracket of two basis vectors vanishes for a coordinate basis but not for a...
Study smarter with the SolutionInn App