Bank Reconciliation and Entries

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $14,530. During October, the total cash deposited was $72,650 and checks written totaled $67,460. The bank statement indicated a balance of $24,630 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $10,970.

A deposit of $8,940, representing receipts of October 31 had been made too late to appear on the bank statement.

The bank had collected for Coastal Bike Co. $4,720 on a note left for collection. The face of the note was $4,360.

A check for $270 returned with the statement had been incorrectly charged by the bank as $720.

A check for $850 returned with the statement had been recorded by Coastal Bike Co. as $580. The check was for the payment of an obligation to Rack Pro Co. on account.

Bank service charges for October amounted to $30.

A check for $1,090 from Bay View Condos was returned by the bank due to insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of October 31, 20Y9.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?

Americans are justifiably proud of their democratic political institutions and often believe that people of all nations would benefit from living under American style democratic rule. Should America export democracy? Discuss

Bank Reconciliation and Entries

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $13,100. During October, the total cash deposited was $65,150 and checks written totaled $60,490. The bank statement indicated a balance of $22,090 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $9,840.

A deposit of $8,010, representing receipts of October 31 had been made too late to appear on the bank statement.

The bank had collected for Coastal Bike Co. $4,230 on a note left for collection. The face of the note was $3,910.

A check for $490 returned with the statement had been incorrectly charged by the bank as $940.

A check for $630 returned with the statement had been recorded by Coastal Bike Co. as $360. The check was for the payment of an obligation to Rack Pro Co. on account.

Bank service charges for October amounted to $30.

A check for $980 from Bay View Condos was returned by the bank due to insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of October 31, 20Y9.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?
$

Visit a local or state affiliate of the Epilepsy Foundation of America, American Lung Association, American Cancer Society, Planned Parenthood Federation, or other community health organization. Obtain information about any health education programs that are offered. These should be complete programs offered by the national office to affiliates rather than special one-time programs offered by the affiliates. Determine the following: a. Target group for the program b. Goals and objectives of the program c. Sample activities or lessons in the program d. Formal evaluation of the program

You are the director of international operations for North and South America for Lenovo. In 2015 you developed a five-year marketing plan to aggressively market personal computers in Canada, Mexico and Brazil. A key element of your plan called for meeting the competitive prices of HP and local manufacturers every step of the way. In addition you planned to spend heavily on marketing. Your yearly budget for marketing in the major target markets was set as follows:

                                                Canada             C$                2,000,000

                                                Mexico             Pesos            5,000,000

                                                Brazil                Reals            1,000,000

      Your 2015 price set in U.S.$ for your top selling laptop was $2,000 in each market. Market prices have declined 20% on a U.S$ basis over the years.

   1.      What do your marketing budgets look like in 2015 and today in US$?   

   2.      What do the computer prices look like in local currencies in 2015 and today?

   3.   What actions would you plan to take in each market to fulfill your goals while

addressing current conditions? (Hint: look at the marketing expenditures and the prices together).

You are the director of U.S. operations for Nissan. In 2015, you developed plans for a new sports truck model, the Nissan Minimax to be sold at $30,000. This model can be made in both the U.S. and Japan. Gross margin (meaning margin after all direct costs) is approximately 50%.

1.         What is the cost of the Minimax to Nissan if it is made in

            Japan vs. made in the U.S. in 2015 and 2020, assuming

            no inflation?

2.         What actions would you recommend to the home office in

            Tokyo to address the current situation?

SPOT RATES FOR CURRENCY EXERCISE

Country                       Spot Rates (3-11-15)                           Spot Rates (3-11-20)

Canada C$                              0.7683                                                 0.7282

Mexico pesos                         0.0646                                                 0.0474

Brazil   reals                             0.3315                                                 0.2133

Japan   yen                              0.0083                                                 0.0095

4. How valid are fears that immigration from countries other than Europe will change American culture? Is this pattern of immigration likely to be functional or dysfunctional for America? Provide some examples of the increase in Latino and Asian culture.