Business, 02.04.2021 18:30 angelinacortes11

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During October, the total cash deposited was $39,175, and checks written totaled $40,520. The bank statement indicated a balance of $8,980 on October 31, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $5,560.
B. A deposit of $1,050 representing receipts of October 31, had been made too late to appear on the bank statement.
C. The bank had collected for Coastal Bike Co. $2,120 on a note left for collection. The face of the note was $2,000.
D. A check for $370 returned with the statement had been incorrectly charged by the bank as $730.
E. A check for $310 returned with the statement had been recorded by Coastal Bike Co. as $130. The check was for the payment of an obligation to Rack Pro Co. on account.
F. Bank service charges for October amounted to $25.
G. A check for $880 from Bay View Condos was returned by the bank due to insufficient funds.
Instructions
1.Prepare a bank reconciliation as of October 31, 20Y9. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2.Journalize the necessary entries. Refer to the Chart of Accounts for exact wording of account titles. (7 lines in Journal)
3.If a balance sheet were prepared for Coastal Bike Co. on October 31, 20Y9, what amount should be reported as cash?
Amount Descriptions
Adjusted balance
Bank error in charging check as $370 instead of $730
Bank error in charging check as $730 instead of $370
Bank service charges
Check returned because of insufficient funds
Company error in recording note collected by bank
Deposit of October 31, not recorded by bank
Error in recording check
Outstanding checks
Proceeds of note collected by bank, including $120 interest
Total adjustments
Coastal Bike Co.

Bank Reconciliation

October 31, 20Y9

1

Cash balance according to bank statement

2

Adjustments:

3

?

4

?

5

?

6

?

7

?

8

9

Cash balance according to company’s records

10

Adjustments:

11

12

13

14

15

16

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:00

Assume today is december 31, 2013. barrington industries expects that its 2014 after-tax operating income [ebit(1 â€“ t)] will be $400 million and its 2014 depreciation expense will be $70 million. barrington's 2014 gross capital expenditures are expected to be $120 million and the change in its net operating working capital for 2014 will be $25 million. the firm's free cash flow is expected to grow at a constant rate of 4.5% annually. assume that its free cash flow occurs at the end of each year. the firm's weighted average cost of capital is 8.6%; the market value of the company's debt is $2.15 billion; and the company has 180 million shares of common stock outstanding. the firm has no preferred stock on its balance sheet and has no plans to use it for future capital budgeting projects. using the corporate valuation model, what should be the company's stock price today (december 31, 2013)? round your answer to the nearest cent. do not round intermediate calculations.

Answers: 1

Answer

Business, 22.06.2019 02:00

Alandowner and his neighbor purchased adjoining undeveloped lots. after both built homes on their respective lots, the landowner suggested to the neighbor that a common driveway be built where the two lots joined. the neighbor agreed. the landowner and the neighbor split the cost of constructing the driveway and entered into a written agreement to equally share the costs of its upkeep and maintenance. the agreement was recorded in the county recorder's office. two years later, the neighbor built a new driveway located entirely on his lot. the common driveway, which the landowner continued to use but which the neighbor no longer used, began to deteriorate. the landowner asked the neighbor for money to maintain the common driveway, but the neighbor refused to contribute. three years later, the neighbor conveyed his lot to a friend. the friend entered into possession and used only the driveway built by the neighbor. by this time, the common driveway had deteriorated badly and contained numerous potholes. the landowner asked the friend to pay half of what it would take to repair the common driveway. the friend refused. the landowner repaired the driveway and sued the friend for 50% of the cost of repairs. will the landowner prevail?

Answers: 2

Answer

Business, 22.06.2019 06:40

After the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy?

Answers: 1

Answer

Business, 22.06.2019 09:30

Darlene has a balance of 3980 on a credit card with an apr of 22.8% paying off her balance and which of these lengths of time will result in her paying the least amount of interest?

Answers: 2

Answer

You know the right answer?

The cash account for Coastal Bike Co. at October 1, 20Y9, indicated a balance of $5,140. During Octo...

Questions