On a typical day, a company writes 48 checks worth a total of $8,925 that clear in 3 days. The company also collects 60 checks worth a total of $9,940 that clear in 2.5 days. Is this a collection or disbursement float? What is the amount of the float?
Q: In the month of April, Mazaya Company Inc. wrote checks in the amount of R.O.18,500. In May, checks…
A: 1. Outstanding checks at the end of May = Check written in April - Check presented in April = RO…
Q: In the month of May, Fredricksburg Company Inc. wrote checks in the amount of $64,750. In June,…
A: Outstanding checks (May)=Checks written in May-Checks presented=$64,750-$59,276=$5,474
Q: When the bank statement is received on July 3, it shows a balance, before reconciliation, of $5,200…
A: Bank reconciliation statement is used to reconcile the balance as per books (bank ledger) and…
Q: Marlon, Inc. reported a balance of $143 in its cash account at the end of the month. There were $120…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: For the month of July, Adam Company had the following information: bank service charge for July,…
A: Deductions from cash book=Bank service charge+NSF check=P 16,500+P 40,000=P 56,500
Q: At the beginning of the day, a company had a ledger balance and available balance of $3,860. During…
A: Collection float is the sum of deposited checks that are not yet available for use.
Q: Nickleson Company had an unadjusted cash balance of $6,209 as of May 31. The company's bank…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: in the month of May, Kayak Company Inc. wrote checks in the amount of $81,000. In June, checks in…
A: The outstanding checks refers to the checks written by the company but not presented to bank for…
Q: Marlon, Inc., reported a balance of $133 in its cash account at the end of the month. There were…
A: Due to certain reasons, the balance of the bank account and the balance shown in the cash book of…
Q: The cash in bank account of Smart, Inc. for April showed an ending balance of P129,298. Deposits in…
A: Cash account is useful for tracking payments and receipts and movement of cash. It is an important…
Q: Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31 75,000…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Yoxo Company writes checks totaling P3,000. These checks clear in 7 days. Simultaneously, the…
A: Collection Float = Checks received per day × clearing time in days Disbursement Float = Amount of…
Q: In the month of November, Wildhorse Co. Inc. wrote checks in the amount of $9,685. In December,…
A: Outstanding check is a check payment which is written by someone, but has not been cashed or…
Q: The bank statement for the month of June contains the following data: Total deposits 55,000 Total…
A: The bank reconciliation statement is prepared to adjust the bank balance and cash book balance to…
Q: Each business day, on average, a company writes checks totaling $36,500 to pay its suppliers. The…
A: CHECKS WRITES TOTAL = $36500 CHECKS CLEARING TIME = 5 DAYS RECEIVING PAYMENT EACH DAYS =$ 47500 THE…
Q: Nickleson Company had an unadjusted cash balance of $5,782 as of May 31. The company's bank…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: Each business day, on average, a company writes checks totaling $37,500 to pay its suppliers. The…
A: A. Disbursement float=check written×number of days to clear=$37500×6=$225,000 collection float=check…
Q: Each business day, on average, a company writes check totaling $38,500 to pay its suppliers. The…
A: The float discuss about the money within the banking system. Due to time gaps in registering a…
Q: What is the amount of outstanding checks at the end of November? At the end of December?
A: Outstanding checks: The checks which are written but not presented for the payment in the bank are…
Q: In reconciling a bank statement, the bank balance is $1800And the checkbook balance is $1205. Which…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: ovable Company prepared the following bank reconciliation on June 30: Balance per bank statement,…
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: In the month of November, Kingbird, Inc. wrote checks in the amount of $ 63300. In December, checks…
A: Here in this question, we are required to calculate check outstanding at the end of December. For…
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A: Net float is difference of amount to be received and amount to be paid considering check clearing…
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A: Outstanding checks: Checks written but not presented for the payment in the bank are called…
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A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: ABC Company provided the following information: Balance per bank statement- May 31 2,600,000…
A: At the end of the year the balances of the cash book and that of bank book may not match, this might…
Q: Each business day, on average, a company writes checks totaling $30,000 to pay its suppliers. The…
A: Answer a)
Q: When the bank statement is received on July 3, it shows a balance, before reconciliation, of $6,120…
A: Bank reconciliation statement ( BRS ): BRS is prepared usually at the end of every month. it is…
Q: NEVERMIND Company reported a balance of $43,000 in its Cash account at the end of the month. There…
A: The bank reconciliation statement is prepared to adjust the bank balance and book balance to make…
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A: Bank Reconciliation Statement is a statement prepared to reconcile the difference between the…
Q: Ted's Toys just reconciled its bank account and has $12,300 in outstanding deposits and $31,400 in…
A: The correct option is: A. The firm has disbursements float but no collection float. As the firm has…
Q: The trial balance as of March 31, 2021 of West Fruits has a Cash in bank balance of P167,000. The…
A: Cash Balance: The quantity of money on hand is referred to as the cash balance of a business. If the…
Q: The cash account for All American Sports Co. on April 1, 20Y5, indicated a balance of $23,600.…
A: Ending Cash Balance = Beginning Cash Balance + Deposits - Payments Ending Cash Balance = $23,600 +…
Q: In preparing the bank reconciliation for the month of November, APPLE Industries provided the…
A: Ideally cash balance as per cash book and bank balance as per bank statement should reconcile with…
Q: If the month-end bank statement shows a balance of $58,000, outstanding checks are $15,000, a…
A: Bank Account Balance: It is the bank account balance remaining after adjustment of all the deposits…
Q: Each business day, on average, a company writes checks totaling $41,000 to pay its suppliers. The…
A: Writes checks Total = $41000 Checks clearing Time = 3 days Company receiving from customer = $52000…
Q: Alexa Company had the following bank reconciliation on June 30: Balance per bank statement, June 30…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: Company Deli writes checks averaging P30,000 per day that require 4 days to clear. By what amount…
A: Let us assume that the company has just started the operations. Now company would be wrriting…
Q: On June 3, a company borrows $200,000 cash by giving its bank a 90-day, interest-bearing note. On…
A: Statement of cash flow: It refers to a financial statement that shows all the cash payments and…
Q: Winter Gloves Company had checks outstanding totaling $12,800 on its May bank reconciliation. In…
A: Outstanding check is the check which is issued by the company but not yet cleared by the bank.
Q: On October 31, your company's records say that the company has $18,588.13 in its checking account. A…
A: Balance as per books. $18588.13 +Outstanding checks. $7403.37 +Bank interest. $20.24…
Q: The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: On an average day, plastics enterprises writes 42 cheques with an average amount of Ghc587. These…
A: Disbursement float occurs when a cheque is written or issued by an individual but the money has not…
Q: Each business day, on average, a company writes checks totaling $37,000 to pay its suppliers. The…
A: Here, Total Written Checks is $37,000 Clearing time for written checks is 3 days Total amount of…
Q: In preparing bank reconciliation for the month of August, Ken Company provided the following…
A: Bank Reconciliation statement is a statement which reconciles cash balance as per cash book and bank…
Q: At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank…
A: There are two type of cash balances exist in every business. These are cash balance as per cashbook…
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- On a typical day, a company writes 85 checks worth a total of $10,800 that clear in 3.75 days. The company also collects 98 checks worth a total of $14,830 that clear in 3.25 days. Is this a collection or disbursement float? What is the float value?On a typical day, a company writes 52 checks worth a total of $8,025 that clear in 2.25 days. The company also collects 64 checks worth a total of $10,140 that clear in 1.75 days. Is this a collection or disbursement float? What is the amount of the float? Multiple Choice O O A disbursement float of $2,115 A collection float of $311 A disbursement float of $311 A collection float of $4687. Your checkbook shows you have a $10,000 balance in your account. You write checks totaling $4,000 and make a deposit of $6,000. What is your disbursement float? 8. Your checkbook shows you have $10,000 balance in your account. You write checks totaling $4,000 and make a deposit of $6000 What is your collection float?
- You have $141,000 on deposit with no outstanding checks or uncleared deposits. One day you write a check for $43,000. a. Does this create a disbursement float or a collection float? b. What is your available balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)On December 10, you receive your bank statement showing a balance of $2,984.86. Your checkbook shows a balance of $2,773.73. Outstanding checks are $389.81 and $172.56. The account earned $124.88. Deposits in transit amount to $471.12, and there is a service charge of $5.00. Calculate the reconciled balance. O $211.13 O $2,653.85 O $2,893.61 O $4,018.35In the month of April, Mazaya Company Inc. wrote checks in the amount of R.O.18,500. In May, checks in the amount of R.O.25.316 were written. In April, R.O.16,936 of these checks were presented to the bank for payment, and R.O.21,676 were presented in May. What is the amount of outstanding checks at the end of May? Select one: O a. R.O.1,564 O b.R.O.5,204 O c R.O.7,19o O d. R.O.3,64o If a gain of RO.20,000 is made in relation to selling (for cash) office equipment having a book value of R.O 80,00o, the total amount reported in the cash flows from investing activities section of the statement of cash flows is
- The following data maybe few of your considerations to determine the beginning balance of the outstanding checks: total checks issued by the company 1,900,000; total bank debits P1,790,500; bank service charge for the current month P2,500; NSF check returned by the bank for the current month P40,000; Outstanding check at the end of the period is P222,000. Compute the outstanding check beginning of the period.You have $13,800 on deposit with no outstanding checks or uncleared deposits. Assume you deposit a check for $5,400 . a. Does this create a disbursement float or a collection float? b. What is your available balance? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g. 32.) c. What is your book balance? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. )On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
- At the beginning of the day, a company had a ledger balance and available balance of $3,860. During the day, the company wrote three checks for $350, $715, and $975. The company also deposited checks for $545 and $930. What is the company's collection float?In the month of May, Fredricksburg Company Inc. wrote checks in the amountof $64,750. In June, checks in the amount of $88,606 were written. In May,$59,276 of these checks were presented to the bank for payment, and $76,181in June. What is the amount of outstanding checks at the end of June?a. $12,425b. $5,474c. $17,899d. $24,850On December 10, you receive your bank statement showing a balance of $2,984.04. Your checkbook shows a balance of $2,775.93. Outstanding checks are $384.81 and $179.56. The account earned $127.88. Deposits in transit amount to $478.14, and there is a service charge of $6.00. Calculate the reconciled balance. a) $208.11 b) $2,654.05 c) $2,897.81 d) $4,026.55