Assuming the delivery cost is $68. The relevant cost of the 180 kilograms of the raw material when deciding whether to proceed with the special project is $1,075.
Relevant costUsing this formula
Relevant cost=(Raw material×Discounted price)-Delivery cost
Where:
Raw material=180 kilograms
Discounted price=$6.35
Delivery cost=$68
Let plug in the formula
Relevant cost=(180 kilogram×$6.35)-$68
Relevant cost=$1,143-$68
Relevant cost=$1,075
Inconclusion the relevant cost of the 180 kilograms of the raw material when deciding whether to proceed with the special project is $1,075.
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Bank Reconciliation and Entries
Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31, 20Y0, have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital letters. All checks were written for payments on account.
CASH ACCOUNT:
Balance as of July 1 $ 9,578. 00
CASH RECEIPTS FOR MONTH OF JULY 6,465. 42
DUPLICATE DEPOSIT TICKETS:
Date and amount of each deposit in July:
Date Amount Date Amount Date Amount
July 2 $569. 50 July 12 $580. 70 July 23 $713. 45
5 701. 80 16 600. 10 26 0601. 50
9 819. 24 19 701. 26 31 1,177. 87
CHECKS WRITTEN:
Number and amount of each check issued in July:
Check No. Amount Check No. Amount Check No. Amount
614 $243. 50 621 $309. 50 628 $837. 70
615 350. 10 622 Void 629 329. 90
616 279. 90 623 Void 630 882. 80
617 395. 50 624 707. 01 631 1,081. 56
618 435. 40 625 158. 63 632 325. 40
619 320. 10 626 550. 03 633 310. 08
620 238. 87 627 381. 73 634 241. 71
Total amount of checks issued in July $8,379. 42
BANK RECONCILIATION FOR PRECEDING MONTH:
Sunshine Interiors
Bank Reconciliation
June 30, 20Y0
Cash balance according to bank statement $9,422. 80
Adjustments:
Deposit of June 30 not recorded by bank $780. 80
Outstanding Check No. 580 ($310. 10)
Outstanding Check No. 602 (85. 50)
Outstanding Check No. 612 (92. 50)
Outstanding Check No. 613 (137. 50)
Total adjustments 155. 20
Adjusted balance $9,578. 00
Cash balance according to company's records $9,605. 70
Adjustments:
Bank service charges (27. 70)
Adjusted balance $9,578. 00
JULY BANK STATEMENT.
Required:
1. Prepare a bank reconciliation as of July 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales.
2. Journalize the necessary entries (a) that increase cash and (b) that decrease cash. The accounts have not been closed.
3. What is the amount of Cash that should appear on the balance sheet as of July 31?
4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Select how the error would be included in a bank reconciliation and how it should be corrected.
Feedback
Set up two sections: one for the bank balance and the other for the company cash account. Determine the effect of the data on each section. Recall that when you are finished, the adjusted balances in the bank and company sections of the reconciliation must be equal. If not, an item has been overlooked or treated in error. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation.
5. Errors should be added or deducted from the bank or company section of the reconciliation depending on the nature of the error. If the bank made the error, the bank section would be adjusted. Subtract to obtain the difference between the correct and incorrect amounts. Has the bank overstated or understated the Cash balance in their records?
If the errors were made by the company, the adjusted bank balance is $11,494 and the adjusted book balance is $11,494.
Bank reconciliationa. Bank reconciliation statement July 31, 20Y0
Cash balance according to bank statement $11,601.41
Add deposit not recorded $1,177.87
Total $12,779.28
Less outstanding checks
No.613 $137.5
No.618 $837.7
No.633 $310.08
Total $1,285.28
Adjusted balance $11,494
($12,779.28-$1,285.28)
Bank reconciliation statement July 31, 20Y0
Cash balance according to company book $7,664
($9,578+$6,465.42-$8,379.42)
Add proceed of note collected:
Principal $4,000
Interest $160
Add july deposit error $18
Add error in check No.627 $63
Total $4,241
Deductreturn check $375
Service charges $36
Total $411
Adjusted balance $11,494
($7,664+$4,241-$411)
2. Journal entries
Debit Cash $4,241
Credit Notes receivable $4,000
Credit Interest revenue $160
Credit sales $18
Credit Account payable $63
Debit Accounts receivables $375
Debit Miscellaneous expense $36
Credit Cash $411
3. The amount of cash that should appear on the balance sheet as of July 31 is $11,494.
4. The error amount of $1,620 calculated as ($1,800-$180) should be included in the bank statement balance while the cancelled check should as well be corrected by giving the same check to the bank.
Inconclusion If the errors were made by the company, the adjusted bank balance is $11,494 and the adjusted book balance is $11,494.
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3.) What are some key things to look for when setting up an IRA?
Here is your Answer:-
You have the freedom to choose the type of IRA that is appropriate for you and to choose your own provider when you set it up on your own. You can add the “auto funding” feature to your IRA after you’ve set up the account. Step 1:- Choose the IRA That’s Best for You. Traditional and Roth IRAs are the most popular of the many forms of IRAs.
Handshakes should be:
O firm
o loose
O repeated
o accompanied by eye contact
Answer:
firm
Explanation:
Most companies base their compensation policies on all of the following factors EXCEPT ________. Group of answer choices worker productivity worker's previous salary cost of living government legislation
Most companies base their compensation policies on worker productivity.
What is compensation policy?Compensation policy includes principle given by an organization or company regarding how bonuses, benefits and salaries of an individual employee will be handled.
Work done is proportional to compensation.
Therefore, Most companies base their compensation policies on worker productivity.
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Shaun oversees the marketing and sales activities for a company that sells products through its website. his job title is best described as . nadine analyzes ways to improve the number of viewers and time they spend on a website by promoting the site and updating its text and graphics to improve its search rankings. her job title is best described as .
The answer for the first one is Online Merchant
And the answer for the second one is Search Marketing Strategist
You're Welcome
PS: I'm not sure if it's too late, but hopefully I helped you.
Answer:
The other person is correct.
Explanation:
An indication of one’s lifestyle is __________________.
the kind of vehicle you drive
the kind of house you live in
the kind of clothes you wear
all of the above
Answer:
all of the above
Explanation:
all of these indicates one's lifestyles.
Create a hypothesis for why homeowners insurance continues to increase
annually while renters insurance does not.
Answer:
Inflationary clauses in your insurance policy allow for the rising costs of building and associated labor. The cost of building materials such as wood, metal and cement increases each year. Likewise, if the cost of replacing your home increases, chances are your insurance costs will also increase. While that may be good news if you experience a loss, it'll be reflected in your monthly or yearly insurance premiums.
Explanation:
Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 6.5 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as follows:
August 23,000 units
September 21,700 units
October 23,100 units
November 24,300 units
December 24,000 units
The company wants to maintain monthly ending inventories of Jurislon equal to 20% of the following month's production needs. On July 31, this requirement was not met since only 11,200 kilograms of Jurislon were on hand. The cost of Jurislon is $22 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months.
The total cost of Jurislon to be purchased in August is:_______.
Assuming the company wants to prepare a Direct Materials Purchase Budget for the next five months. The total cost of Jurislon to be purchased in August is:$3,663,220.
Total costUsing this formula
Total cost=(Desired ending inventory+ Required for production-Ending inventory)×Rate per kilogram
Total cost=[(21,700×6.5×20%)+(23,000×6.5)-11,200]×$22 per kilogram
Total cost=(28,210+149,500-11,200)×$22 per kilogram
Total cost=166,510×$22 per kilogram
Total cost=$3,663,220
Inconclusion the total cost of Jurislon to be purchased in August is:$3,663,220.
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Which marketing tactic runs counter to the practice of market segmentation?
undifferentiated marketing
targeted marketing
marketing campaign
demographic marketing
targeted marketing
I hope this helps you
:)
Mortgage interest paid on a home is an example of a tax
A. deduction
B. credit
C. form
O D. refund
Answer:
A. Deduction
Explanation:
it's when u pay Ur taxes
A company issues $100,000 of 5%, 10-year bonds dated january 1. The bonds pay interest semiannually on june 30 and december 31 each year. If the bonds are sold at par value, the issuer records the sale with a debit to.
In a situation were the bonds are sold at par value, the issuer will records the sale with a debit to: Cash $100,000.
Journal entryBased on the information given if the company issues the amount of $100,000 of 5%, 10-year bonds in the month of january the appropriate journal entry to record this transaction is:
Debit Cash $100,000
Credit Bond payable $100,000
(To record bonds sold at par value)
Inconclusion the issuer will records the sale with a debit to: Cash $100,000.
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What factors play a role in gendering specific occupations?
Answer:
Risk, physical demands, skill level, competence
Explanation:
By buying a ________ bond, investors may choose to exchange their bond for shares of common stock in the company.
The type of bond which investors would buy that they may choose to exchange their bond for shares of common stock in the company is known as convertible bonds.
What is a Bond?
This refers to the fixed income investment which is used to show that a loan is taken by either an individual or corporation.
With this in mind, if an investor wants to later exchange their bond for shares of common stock in the company, then they would have to buy convertible bonds,
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The demand function indicates that the quantity of a good consumed depends on:_________.a. the income of buyers b. the price of the good c. the price of inputs d. the effect of the demand shifter
Answer:
Answers a., b., and c. would all work as valid answers.
The demand function indicates that the quantity of a good consumed depends on The correct option is A. The income of buyers.
The demand function is a mathematical relationship that shows how the quantity of a good demanded depends on the price of the good, the income of buyers, and other factors.
The price of the good is the most important factor that affects demand, but the income of buyers is also a significant factor.
As the income of buyers increases, they tend to demand more goods, including the good in question. This is because they have more money to spend, and they are able to afford to buy more of the good.
The price of inputs is also a factor that can affect demand. If the price of inputs increases, the cost of production increases, and this can lead to an increase in the price of the good. As a result, consumers may demand less of the good.
The effect of the demand shifter is a factor that can change the demand for a good, but it is not a part of the demand function. The demand shifter can be caused by changes in consumer preferences, changes in the price of related goods, or changes in government policy.
So, the answer is (a), the income of buyers.
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Which section of a budget would the monthly electric bill best belong in?
A. Housing and utilities
B. Meals and entertainment
C. Groceries and supplies
D. Transportation
Answer:
A. Housing and utilities.
Explanation:
It would be part of your house and it's a utility that come with an apartment so it's part of rent.
Hope This Helps!
- Justin:)
Geoff and Matilda formed an LLC. Their LLC will be most likely be treated as a __________ for tax purposes.
Answer:
pass-through entity
Explanation:
A Pass-through query allows you to execute a SQL statement directly against the tables in an external database (such as an Oracle, Sybase, or SQL Server database). This method uses your ODBC connection to directly access the data in the external database without having to link to the tables or import the data from the external database.
Many South Korean HDTV manufacturers are willing to give up immediate profits for long-term penetration of the market. This is a pricing objective known as ______
The pricing objective used by the South Korean HDTV manufacturers is known as penetration pricing.
What is penetration pricing?
Penetration pricing is a pricing objective where the sellers of a new product set the price for their product unusually low. They increase the price with the passage of time.
The purpose of penetration pricing is to entice consumers to purchase the product and increase the firm's market share.
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According to president reagan’s model for supply-side economics, the first step to triggering a cycle of growth was reducing taxes. raising taxes. regulating businesses. creating government programs.
President Reagan's model for supply side economics emphasised on reducing taxes as the first step for triggering the cycle of Growth.
What is supply-side economics?Supply-side economics is a macroeconomic theory in which focus is given on supply side. In this theory Tax reduction ,decrease in regulation will ultimately improve the economic growth.
Producers will pass on the benifits to employees and on production front the produce will be more with lower prices.
Reducing taxes as per supply side economics will trigger a cycle of growth. Hence Option A is correct.
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Answer:
A
Explanation:
An investment of $\$24,\!000$ is made in a government bond that will pay $1\%$ bi-monthly interest (meaning that the investment will increase by $1\%$ every two months). At the end of five years, what is the total number of dollars in this investment
At the end of five years, the total number of dollars in this investment would be $137,843.79.
What would be the value of the account at the end of 5 years?When the account is compounded bi-monthly, it means that the amount invested and the interest already earned increases in value by 1% every two months.
The formula for calculating the amount that would be in the investment after years is>
FV = P (1 + r)^nm
FV = Future value P = Present value R = interest rate m = number of compoundingN = number of years$24,000(1.01)^(5x6) = $137,843.79
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To enhance the control environment, management develops job __________. Multiple Choice duplicates misstatements labelsIncorrect descriptions
Answer:
descriptions
Explanation:
it makes the sentence complete.
Eloise, the director of Human Resources at her organization
Since Eloise is working to determine its human resource needs for the next five years, her first course of action is: assessing the future labor supply.
What is Human resources management?Human resources management (HRM) can be defined as an art that involves effectively and efficiently managing, controlling and improving the functions, number of employees or workers, activities that are being used by an organization.
This ultimately implies that, human resources managers are saddled with the responsibility of recruiting, managing and improving the welfare and working conditions of the employees working in an organization because they are the most important asset of any organization.
In conclusion, Eloise's first course of action is assessing the future labor supply for her organization.
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Complete Question:
Eloise, the director of human resources at her organization, is working to determine its human resource needs for the next five years. Eloise's first course of action is?
Planning , using a five step process.
When analyzing a market how do economists deal with the factors that affect market
Explanation:
In order to study the change in the factors affecting the market easily, economists prefer to consider one factor at a time and keep other factors constant. This strategy is difficult to apply in real world, but this makes the understanding of an economic model simpler
To become a successful entrepreneur, you should:
Select one:
O Prepare to risk all of your family assets.
O Plan to quit your job before starting.
O Choose a business that is in a field you enjoy.
O Expect to put down a lot of money.
I guess it is Choose a business that is in a field you enjoy .....
True or false? When creating a budget to repay your student loans, you can
save money by paying only the interest.
O True because paying only the interest reduces the length of the loan and
reduces the total amount you pay in the long-term
True because paying interest means monthly payments will be small
O False because it is not possible to only pay the interest,
O False because paying only interest lengthens the life of the loan and increases
the total amount you pay in the long-term.
Next →
Sign out
The correct answer choice is; True, because paying only the interest reduces the length of the loan and reduces the total amount you pay in the long-term.
Paying off Student LoansIt follows from study that; while paying off student loans, it usually pays off to pay the interest first. On this note, it follows that the principal of the loan remains constant and hence, compound interest is avoided and consequently, the total amount you pay in the long-term is reduced.
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Comprehension and speed are the two most important traits in reading for business. please select the best answer from the choices provided t f
Answer:
true
Explanation:
But accuracy would be a better option speed is good, so you are always on task and comprehension for big words.
If the steady-state rate of unemployment equals 0. 125, the rate of job findings is 0. 56, then the fraction of employed workers who lose their jobs each month must be
Answer:
Explanation:
125, the rate of job findings is 0. 56, then the fraction of employed workers who lose their jobs each month must be.
The fraction of the employed workers who lost jobs at the end of each month should be 0.08
What is unemployment rate?The unemployment is the situation in the working environment which shows the number of educated candidates who are still ideal and does not possess any job.
Computation:
[tex]\begin{aligned}\text{Rate}&=\dfrac{\text{f}\times\text{Um}}{( 1-\text{Um})}\\\\& = \dfrac{0.125\times( 0.56)}{( 1- 0.125 )} \\\\& = 0.08\end{aligned}[/tex]
were,
f is rate of job finding
Um is the unemployment rate
Therefore, the rate of job separation is 0.08
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In the country of Agronomia, banks charge 10 percent interest on all loans. If the general price level has been increasing at the rate of 4 percent per year, the real rate of interest in Agronomia is
Assuming the general price level has been increasing at the rate of 4 percent per year, the real rate of interest in Agronomia is 6%.
Real rate of interestUsing this formula
Real rate of interest=Interest on all loans-General price level rate
Where:
Interest on all loans=10%
General price level rate=4%
Let plug in the formula
Real rate of interest=10%-4%
Real rate of interest=6%
Inconclusion the real rate of interest in Agronomia is 6%.
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Debts and obligations of a business are referred to as:.
Answer:
Liabilities
Explanation:
Liabilities are the debts and obligations that a business owes.
The ethics enforcement process includes initial screening of complaints by the.
The ethics enforcement process simply have to do with the initial screening of complaints by the Grievance Committee.
What is ethics?It should be noted that ethics simply means the ability to distinguish right from wrong.
In this case, the ethics enforcement process simply have to do with the initial screening of complaints by the Grievance Committee.
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If the annual interest is $100 on a 3-year, straight interest-only note, and the interest rate on the note is 5% per year, what is the amount of the loan?
Assuming the interest rate on the note is 5% per year, the amount of the loan is $2,000.
Loan amountUsing this formula
Loan amount=Annual interest/Interest rate on the note
Where:
Annual interest=$100
Interest rate on the note=5% or 0.05
Let plug in the formula
Loan amount=$100/0.05
Loan amount=$2,000
Inconclusion assuming the interest rate on the note is 5% per year, the amount of the loan is $2,000.
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