Question
5. At July 31, Patterson Company has this bank information: cash balance per bank $8,443, outstanding checks $1,450, deposits in transit $749, and a bank
5. At July 31, Patterson Company has this bank information: cash balance per bank $8,443, outstanding checks $1,450, deposits in transit $749, and a bank service charge $37. Determine the adjusted cash balance per bank at July 31.
6. Connell Company bought equipment for $224,601 on January 1, 2021. Connell estimated the useful life to be 4 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Connell decides that the business will use the equipment for a total of 8 years and still no salvage value. What is the revised depreciation expense for 2022? (Round your answer to the nearest whole number and zero decimal places)
7. Atlanta Business Supplies Inc. has the following inventory data: July 1 Beginning inventory 30 units at 9 July 7 Purchases 105 units at $11 July 22 Purchases 15 units at $15 A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the FIFO inventory method, what is the amount allocated to ending inventory for July? (round your answer the nearest whole number).
8. An aging of a company's accounts receivable indicates that $9,149 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $521 debit balance, the adjustment to record bad debts for the period will require a credit to Allowance for Doubtful Accounts for
9. The interest on a $24,557, 1%, 78-day note receivable is (Use 360 days for calculation and round to the nearest whole number, no decimal places.)
10. Farheen Inc. has the following inventory data: July 1 Beginning inventory 30 units at $9 July 7 Purchases 105 units at $12 July 22 Purchases 15 units at $15 A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, what is the ending inventory for July? (round your answer to the nearest whole number)
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