Bank reconciliation and entries
Instructions
Chart of Accounts
Amount Descriptions
Bank Reconciliation
Journal
Final Question
X
Instructions
The cash account for American Medical Co. at April 30 indicated a balance of $97,456. The bank statement indicated a balance of $127,960 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
| A. | Checks outstanding totaled $30,050. |
| B. | A deposit of $19,720, representing receipts of April 30, had been made too late to appear on the bank statement. |
| C. | The bank collected $22,149 on a $20,700 note, including interest of $1,449. |
| D. | A check for $1,450 returned with the statement had been incorrectly recorded by American Medical Co. as $145. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account. |
| E. | A check drawn for $290 had been erroneously charged by the bank as $920. |
| F. | Bank service charges for April amounted to $40. |
| Instructions | |
| 1. | Prepare a bank reconciliation. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.“Deduct:” or “Add:” will automatically appear if it is required. |
| 2. | Journalize the necessary entries. The accounts have not been closed. Refer to the Chart of Accounts for exact wording of account titles. |
| 3. | If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash? |
In: Accounting
2. Summarizing interval data - Frequency distributions and histograms
The Dow Jones Industrial Average (DJIA) is a stock index of 30 of the leading companies in the main industries of the United States. It is the second-oldest continuing U.S. market index (after the Dow Jones Transportation Average).
Companies in the DJIA are classified into 10 industries according to the Industry Classification Benchmark (ICB), a classification system developed by Dow Jones & Company and the FTSE Group. Although the DJIA was originally meant to describe the industrial component of the U.S. market, today the modifier “Industrial” in its name is mainly historical. As Table 1 shows, many of its companies have little to do with heavy industry. Table 1, located in the following DJIA Table dropdown menu, shows the companies’ names, ICB classifications, and market capitalizations.
DJIA Table
Table 1
|
No. |
Company |
Industry |
Capitalization |
|---|---|---|---|
|
(Billions of dollars) |
|||
| 1 | International Business Machines Corp. | Technology | 129.9 |
| 2 | Chevron Corp. | Oil and Gas | 86.1 |
| 3 | Exxon Mobil Corp. | Oil and Gas | 81.5 |
| 4 | Caterpillar Inc. | Industrials | 70.9 |
| 5 | 3M Co. | Industrials | 68.9 |
| 6 | Boeing Co. | Industrials | 68.1 |
| 7 | Johnson & Johnson | Health Care | 67.8 |
| 8 | United Technologies Corp. | Industrials | 64.1 |
| 9 | Procter & Gamble Co. | Consumer Goods | 63.7 |
| 10 | McDonald’s Corp. | Consumer Services | 60.4 |
| 11 | Wal-Mart Stores Inc. | Consumer Services | 57.9 |
| 12 | Coca-Cola Co. | Consumer Goods | 50.0 |
| 13 | E.I. DuPont de Nemours & Co. | Basic Material | 44.2 |
| 14 | Hewlett-Packard Co. | Technology | 43.4 |
| 15 | American Express Co. | Financials | 42.2 |
| 16 | JPMorgan Chase & Co. | Financials | 40.0 |
| 17 | Merck & Co. Inc. | Health Care | 37.7 |
| 18 | Verizon Communications Inc. | Telecommunications | 35.5 |
| 19 | Alcoa Inc. | Basic Material | 33.8 |
| 20 | AT&T Inc. | Telecommunications | 32.1 |
| 21 | Walt Disney Co. | Consumer Services | 30.9 |
| 22 | General Electric Co. | Industrials | 28.0 |
| 23 | Bank of America Corp. | Financials | 27.5 |
| 24 | Microsoft Corp. | Technology | 25.9 |
| 25 | American International Group Inc. | Financials | 25.1 |
| 26 | Home Depot Inc. | Consumer Services | 23.4 |
| 27 | Intel Corp. | Technology | 22.1 |
| 28 | Citigroup Inc. | Financials | 19.4 |
| 29 | Pfizer Inc. | Health Care | 18.3 |
| 30 | General Motors Corp. | Consumer Goods | 13.2 |
| Total | 1,412.0 |
Table 2 divides the range of the market capitalization of the DJIA companies into six intervals and gives some of their frequencies and relative frequencies. Based on the information provided in Table 1, use the dropdown menus to fill in the rest of Table 2.
|
Table 2 |
||
|---|---|---|
|
Market Capitalization |
Frequency |
Relative Frequency |
|
(Billions of dollars) |
||
| 110 to 130 | 1 | 0.03 |
| 90 to 110 | 0 | 0.00 |
| 70 to 90 | 3 | 0.10 |
| 50 to 70 | ||
| 30 to 50 | 10 | 0.33 |
| 10 to 30 | ||
| Total | 30 | 1.0 |
On the following graph, create a relative frequency histogram of the companies’ market capitalizations based on the distribution in Table 1 by using the blue rectangles (drag the circle symbols to increase or decrease the size) to draw each individual bar of the histogram. (Hint: Do not place a rectangle when the frequency of the class is zero.)
10305070901101301.000.800.600.400.200RELATIVE FREQUENCYMARKET CAPITALIZATION (Billions of dollars)
The relative frequency distribution of the market capitalizations is .
In: Statistics and Probability
Number of reported cased(X 1000)
|
Period reported |
India |
South East Asia |
North America |
Africa |
|
Jan-Mar |
250 |
50 |
0 |
30 |
|
Apr-Jun |
200 |
30 |
0 |
0 |
|
Jul-Sep |
300 |
0 |
0 |
20 |
|
Oct-Dec |
250 |
0 |
0.5 |
0 |
In: Biology
For each problem, follow these steps.
State the hypotheses and identify the claim.
Find the critical values(s).
Compute the test value.
Make the decision.
Summarize the results.
The average January high temperatures (in degrees Fahrenheit) for selected tourist cities on different continents are listed below. Is there sufficient evidence to conclude a difference in mean temperatures for the three areas? Use the 0.05 level of significance.
|
Europe |
Central and South America |
Asia |
|
41 |
87 |
89 |
|
38 |
75 |
35 |
|
36 |
66 |
83 |
|
56 |
84 |
67 |
|
50 |
75 |
48 |
In: Statistics and Probability
Tom was named the department manager of a large new chemical processing unit to be designed and constructed. During the course of his work, Tom suggested to the project designer an alteration to the design that considerably improved safety. After Tom's suggestion has been successfully implemented, Tom was offered a very nice fishing trip to South America by his upper manager for his solution. Should Tom accept the fishing trip? Discuss why or why not tom should accept or decline the gift? Is it bribe or not and why? Write the related NSPE code(s) of ethics.
In: Psychology
Peter Kanakarian has decided to open a printing shop. He has secured two contracts: (1) a five-year contract to print a popular regional magazine (5,000 copies each month), and (2) a three-year agreement to print tourist brochures for the province (10,000 brochures per month).
Peter has rented a building for $1,400 per month. His printing equipment was purchased for $40,000 and has a life expectancy of 20,000 hours with no salvage value. Depreciation is assigned to a period based on the hours of usage. Peter has scheduled the delivery of the products so that two production runs are needed. In the first run, the equipment is prepared for the magazine printing. In the second run, the equipment is reconfigured for brochure printing. It takes twice as long to configure the equipment for the magazine setup as it does for the brochure setup. The total setup costs per month are $600.
Insurance costs for the building and equipment are $140 per month. Power to operate the printing equipment is strongly related to machine usage. The printing equipment causes virtually all the power costs. Power costs will run $350 per month. Printing materials will cost $0.40 per copy for the magazine and $0.08 per copy for the brochure. Peter will hire workers to run the presses as needed (part-time workers are easy to hire). He must pay $10 per hour. Each worker can produce 20 copies of the magazine per printing hour or 100 copies of the brochure. Distribution costs are $500 per month. Peter will receive a salary of $1,500 per month. He is responsible for personnel, accounting, sales, and production—in effect, he is responsible for administering all aspects of the business.
1. What are the total monthly manufacturing costs?
$
2. What are the total monthly prime costs?
$
What are the total monthly prime costs for the regional magazine?
$
For the brochure?
$
3. What are the total monthly conversion costs? Suppose Peter wants to determine monthly conversion costs for each product. Assign monthly conversion costs to each product using direct tracing and relationship tracing whenever possible. For those costs that cannot be assigned using a tracing approach, you may assign them using direct labour hours. Enter amounts as positive numbers. Do not round any divisions.
4. Peter receives $1.80 per copy of the magazine and $0.45 per brochure. Prepare an income statement for the first month of operations.
In: Other
In recent years, Game Co. has greatly increased its current ratio. At the same time, the quick ratio has fallen. What has happened? Has the liquidity of the company improved? (The Answer Must Be A Minimum of 350 Words Thank You)
In: Finance
Visual Basic
Make a directory and copy some files from desktop to the created directory
In: Computer Science
a) The number of voices I hear at 7am is 12000 at 9am the count is 36000, if the number of voices grows exponentially, find the time it takes to reach 81000 voices?
b) assume one voice tells me to invest 20000 in a south american bank where the interest is compounded continiously, after 6 years i have 24000 dollars, what must the interest rate have been?
In: Math
(Urgent) A dealer in South Africa quotes $ 0.1550-75/BWP for the Botswana Pula. A dealer in France quotes €0.1040-70/BWP. Another dealer quotes $1.5320-630/€ in New York.
a) Is there an opportunity to arbitrage for an American investor? Use $1,000,000 as the notional amount. Show all work.
b) Explain how the exchange rates will adjust to reach equilibrium and eliminate any arbitrage opportunities.
In: Finance