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please only answer the blue highlighted boxes! thank you:) Wright Company deposits all cash receipts on the day when they are received and it makes
please only answer the blue highlighted boxes! thank you:)
Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, its Cash account shows a $28,500 debit balance. The company's May 31 bank statement shows $26,800 on deposit in the bank. a. The May 31 bank statement lists $150 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,100. c. May 31 cash receipts of $6,700 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement d. In reviewing the bank statement, a $450 check written by Smith Company was mistakenly drawn against Wright's account e. The bank statement shows a $500 NSF check from a customer, the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Bank statement balance Add: Deduct: Deduct: Adjusted bank balance Adjusted book balance Key comparative figures for Apple and Google follow. Apple Current $ millions Year Prior Year Accounts receivable $ 15,754 $ 16,849 Net sales 215,639 233,715 Google Current Year Prior Year $14,137 $11,556 90,272 74,989 Required: 1. Compute days' sales uncollected for (a) Apple and (b) Google for the current and prior years. 2. Which company had more success collecting receivables? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute days' sales uncollected for (a) Apple and (b) Google for the current and prior years. (Round your answers to the nearest whole number.) Days' sales uncollected a. Apple for the current year days Apple for the prior year days b. Google for the current year days Google for the prior year days Required 1 Required 2 > Key comparative figures for Apple and Google follow. Apple Current $ millions Year Prior Year Accounts receivable $ 15,754 $ 16,849 Net sales 215,639 233,715 Google Current Year Prior Year $ 14,137 $11,556 90,272 74,989 Required: 1. Compute days' sales uncollected for (a) Apple and (b) Google for the current and prior years. 2. Which company had more success collecting receivables? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Which company had more success collecting receivables? Which company had more success collecting receivables? Step by Step Solution
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