An accounting clerk for Grebe Co. prepared the following bank reconciliation: a. From the data in the
Question:
An accounting clerk for Grebe Co. prepared the following bank reconciliation:
a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Grebe Co., using the format shown in the illustrative problem.b. If a balance sheet were prepared for Grebe Co. on August 31, 2010, what amount should be reported forcash?
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Grebe Co. Bank Reconciliation August 31, 2010 Cash balance according to company's records. Add: Outstanding checks.. Error by Grebe Co. in recording Check No. 1115 as $940 instead of $490. Note for $6,500 collected by bank, including interest. $ 4,690 $3,110 450 6,630 10,190 Deduct: Deposit in transit on August 31 Bank service charges... Cash balance according to bank statement $4,725 $14,880 4,755 $10,125 30
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Balance sheet cash amount 11740 Grebe Co B...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Cost Accounting questions
-
An accounting clerk for Chesner Co. prepared the following bank reconciliation: a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown...
-
An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation August 31 a. From the data in this bank reconciliation, prepare a new bank...
-
An inexperienced bookkeeper prepared the following bank reconciliation statement: On 1 October 20.7, the bank account of Baige services has a favourable balance of R3 370. Additional information (a)...
-
Litchfield Industries gathered the following information for the month ended June 31: The static budget volume is 5000 units: Overhead flexible budget: Number of units 8,000 9,000 10,000 Standard...
-
O'hare Company's only asset as of January 1, 2017, was a limousine. During 2017, only the following three transactions occurred: Services of $100,000 were provided on account. All accounts receivable...
-
Hoglund reneged on his promise to sell his car to Elsen. Elsen went to nearby Los Angeles and found the same model with lower mileage, in better condition, and priced $600 below Hoglunds....
-
6. To what extent does push-down accounting facilitate the consolidation process?
-
The blade divides the jet of water having a diameter of 3 in. If one-fourth of the water flows downward while the other three-fourths flows upwards, and the total flow is Q = 0.5 ft3/s, determine the...
-
On June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $420,000 and a discount rate of 8%. Assuming straight-line amortization of the...
-
Accounts Receivable (AR) receives an average of 1,000 payments per week. There is an average of 500 checks waiting to be deposited. (a) What is the average time spent by each check waiting to be...
-
Accompanying a bank statement for Euthenics Company is a credit memo for $18,270, representing the principal ($18,000) and interest ($270) on a note that had been collected by the bank. The company...
-
Identify the errors in the following bankreconciliation: Rakestraw Co. Bank Reconciliation For the Month Ended April 30, 2010 $11,320 Cash balance according to bank statement.. Add outstanding...
-
Read the following extract from an article about Bob Janes latest business venture: He may have turned 80 but theres no stopping Bob Jane from wheeling and dealing. He recently signed a heads of...
-
Sams old friend Dot is considering setting up a business offering historical boating trips along the River Thames. Dot thinks that she may be able to make a good living out of this. She has carried...
-
Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the direct costs of one unit of...
-
Explain the financial effect (increase, decrease, or no effect) of each of the following transactions on stockholders' equity: a. Purchased supplies for cash. b. Paid an account payable. c. Paid...
-
What type of account-asset, liability, stockholders' equity, dividend, revenue, or expense-is each of the following accounts? Indicate whether a debit entry or a credit entry increases the balance of...
-
Is it possible for an accounting transaction to only affect the left side of the accounting equation and still leave the equation in balance? If so, provide an example.
-
Without making journal entries, record the transactions of Exercise 16-5 directly in the M Dillard's account. Long-Term Equity-Method Investment in Italian Imports. Assume that after s all the noted...
-
Chris Zulliger was a chef at the Plaza Restaurant in the Snowbird Ski Resort in Utah. The restaurant is located at the base of a mountain. As a chef for the Plaza, Zulliger was instructed by his...
-
Graphically demonstrate the appropriate Fed policy in response to a severe unexpected drop in aggregate demand.
-
Deana Moran is the owner of First Delivery Service. Recently, Deana paid interest of $3,600 on a personal loan of $60,000 that she used to begin the business. Should First Delivery Service record the...
-
For the year ending January 31, 2004, The Limited Inc. had revenues of $8,934 million and total expenses of $8,217 million. Did The Limited (a) Incur a net loss or (b) Realize net income?
-
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below. Determine the stockholders equity of eachcompany. Coca-Cola (in millions) $31,327 15,392 PepsiCo (in millions) $27,987...
-
Oct. 31: Paid salaries, $45,000 ( 75% selling, 25% administrtive). Data table Data table them to retail stores. The company has three inventory items: and floor lamps. RLC uses a perpetual inventory...
-
question 1- You borrow a simple loan of SR 500,000, interest rate is 20%, it matures in one year. what's the yied to maturity? question 2- calculate_i for One-Year Discount Bond with price(p) =...
-
Taste of Muscat is a reputed chain of restaurants operating in Oman. Assume You are working as a management accountant for this restaurant chain which is specialized in all types of Arabic food. Your...
Study smarter with the SolutionInn App