Question
Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the...
Suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the bank by the cutoff date. Discuss the possible cause(s) of this, and discuss the nature of the potential misstatement(s) that could result.
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suppose there was a deposit-in-transit on the year-end bank reconciliation that was not received by the...
suppose there was a deposit-in-transit on the year-end bank
reconciliation that was not received by the bank by the cutoff
date. Discuss the possible causes of this, and discuss the nature
of the potential misstatements that could result
Suppose there were several large outstanding checks on the year-end bank reconciliation that did not clear...
Suppose there were several large outstanding checks on the
year-end bank reconciliation that did not clear the bank by the
cutoff date. Discuss the possible cause(s) of this, and discuss the
nature of the potential misstatement(s) that could result.
Question text Bank Reconciliation The bank reconciliation made by Winton, Inc., on August 31 showed: Deposit...
Question text
Bank Reconciliation The bank reconciliation
made by Winton, Inc., on August 31 showed:
Deposit in transit of
$2,560
Outstanding checks
no.597
$1,660
no.603
$1,280
The reconciled cash balance on August 31 was
$28,220
The following bank statement is available for September:
Bank Statement
TO
Winton, Inc.
September 30
St. Louis, MO
STATE BANK
Date
Deposits
No.
Date
Charges
Date
Balance
Sept.
1
$2,560
597
Sept.
1
$1,660
Aug.
31
$28,600
2
2,240
607
5
3,700
Sept.
1
29,500...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account
for cash are summarized below:
BANK STATEMENT
Checks
Deposits
Balance
Balance, June 1
$
6,500
Deposits during June
$
16,200
22,700
Checks cleared during June
$
16,600
6,100
Bank service charges
40
6,060
Balance, June 30
6,060
Cash (A)
June 1 Balance
6,500
June Checks written
19,000
June Deposits
18,100
Required:
1. Reconcile the bank account. A comparison of
the checks written with the checks that have cleared the bank...
Suppose you receive ?$130 at the end of each year for the next three years. a....
Suppose you receive ?$130 at the end of each year for the next
three years.
a. If the interest rate is 7%?, what is the
present value of these cash? flows?
b. What is the future value in three years of
the present value you computed in ?(a?)?
c. Suppose you deposit the cash flows in a bank
account that pays 7 % interest per year. What is the balance in the
account at the end of each of the...
1. Suppose you deposit $5,000 cash into your checking account deposit at Bank and that the...
1. Suppose you deposit $5,000 cash into your checking account
deposit at Bank and that the required reserve ratio is 10%. As a
result of your deposit, this bank can make a maximum loan to other
customers of
a. $500
b. $4500
c. $5000
d.$50000
2. If you withdraw $2,000 from your term deposit account and put
it in your checking account, M1 will _____ and M3 will ____.
3. In 2015, the inflation rate of Venezuela reached 181%. In...
You deposit $4,000 in the bank at the end of each year for 30 years. If...
You deposit $4,000 in the bank at the end of each year for 30
years. If the bank pays interest of 5.25% per annum, what amount
will you have accumulated if interest is compounded:
a. Annually
b. Semi-Annually
c. Quarterly
d. Monthly
e. Daily
Please show all your work and explain your answers.
The Concept of Bank Reconciliation is to compare the company's book balance (balance shown in the...
The Concept of Bank Reconciliation is to compare the company's
book balance (balance shown in the Cash Account) with the Bank
Statement balance. Imagine a business carrying $500,000 balance in
the books but the bank only shows $300,000. Will the bank pay the
business $200,000 difference? Hence, Bank Reconciliation is an
Internal Control measure assuring the books is recorded
correctly.
Do you have a bank account? Think about your own account. Banks
generally have a cut-off time of 3PM but...
Problem: Cubs Hotel received the following bank statement for October: State Bank & Trust 100 N....
Problem: Cubs Hotel received the following bank
statement for October:
State Bank & Trust
100 N. State Street
Chicago, IL 63100
Cubs Hotel
1060 N. Addison
Chicago, Il 63111
Bank Statement
Account # 34—002231
October 31, 2019
Beginning Balance 10/1/2019
Total Deposits and credits
Total Checks and debits
Ending Balance 10/31/2019
$15,000
$7,000
$6,000
$16,000
Checks and Debits
Deposits and Credits
Check Number
Amount
Date
Amount
1462
1463
1464
1465
1466
1467
DM
1468
$1,163.00
62.00
1,235.00
750.00
1,111.00
964.00...
The bank reconciliation prepared by Arbour Glenn Apartments on October 31, 2013 is shown below: Arbour...
The bank reconciliation prepared by Arbour Glenn
Apartments on October 31, 2013 is shown below:
Arbour Glenn Apartments, Bank Reconciliation, October 31,
2013
Balance per bank statement
$ 801.13
Balance per General Ledger
$ 1,027.93 Add:
Deposit of Oct 31 in transit
2,345.60
Add:
0.00
3,146.73 Deduct: Outstanding
cheques: #417 - $ 58.30
#419 - 806.20 Less:
October service charges
(18.00)
#423 - 1,272.30
(2,136.80) Adjusted bank balance
$ 1,009.93 Adjusted general ledger balance
$ 1,009.93
The November...
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