Label all final answers with the correctunits, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations ofinterest rates (if needed) then round off final answers to two decimal places. For monetary amounts,use 2 decimal places even for intermediate computations.6. Consider a bank account with the following transactions for the month of June 2021:No. of DaysBalance isBalanceJune Deposit Withdraw for the DayUnchanged*120,00020,000**1416,50010,500*2111,000**3016,5004,000a. Supply the correct data in the boxes marked with *b. What is the average daily balance for this account for the month of June?c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interestearned for this month?

The average daily balance is a financial term that refers to the average amount of money in an…

Answered: Consider a bank account with the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Similar questions

The following select financial statement information from Vortex Computing. Compute the accounts receivable turnover ratios and the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Vortex Computing if industry average for accounts receivable turnover ratio is 4 times and days sales in receivables ratio is 85 days?
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
The deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.
Suppose that on the statement for a money market account, the initial balance was $7744.70, the statement was for 34 days, the final balance was $7770.84, and there were no deposits or withdrawals. Calculate the APY. Give your answer in percent to 2 decimal places.
In preparing its March 31, 2020 bank reconciliation, Blue Devil Inc. has available the following information: Balance per bank statement, 03/31/2020 $18,650 Deposit in transit, 03/31/2020 3,900 Return of customer's check for insufficient funds, 03/31/2020 600 Outstanding checks, 03/31/2020 2,750 Bank service charges for March, 2020 100 Required: Identify which type of adjustment is needed for each of the following four transactions. The four types of adjustments include: (A) Add to the book balance; (B) Deduct from the book balance; (C) Add to the bank balance; and (D) Deduct from the bank balance. I. Deposit in transit, 03/31/2020 II. Return of…
The following is select financial statement information from Vortex Computing: Year Net Credit Sales Ending Accounts Receivable 2018 $1,557,200 $398,000 2019 $1,755,310 $444,400 2020 $1,865,170 $500,780 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2019 and 2020 (round answers to two decimal places): 2019 Accounts Receivable Turnover = ["", "", "", ""] times. 2019 Days' Sales in Receivables = ["", "", "", ""] days. 2020 Accounts Receivable Turnover = ["", "", "", ""] times. 2020 Days' Sales in Receivables = ["", "", "", ""] days. What do the outcomes tell a potential investor about Vortex Computing, if 2020 industry average for accounts receivable turnover ratio is 4.00 times and days’ sales in receivables ratio is 91.25 days? It takes Vortex Computing ["", "", ""] its competitors in the industry to collect on accounts receivable. If a lender were deciding between companies,…
The following is select financial statement information from Vortex Computing: Year Net Credit Sales Ending Accounts Receivable 2018 $1,557,200 $398,000 2019 $1,755,310 $444,400 2020 $1,865,170 $500,780 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2019 and 2020 (round answers to two decimal places): 2019 Accounts Receivable Turnover = ["", "", "", ""] times. 2019 Days' Sales in Receivables = ["", "", "", ""] days. 2020 Accounts Receivable Turnover = ["", "", "", ""] times. 2020 Days' Sales in Receivables = ["", "", "", ""] days.
The following information was included in the bank reconciliation for EEECompany for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 Total credits to cash in all journals during November 1,550,000Customer’s NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 Outstanding checks on October 31,2020 that cleared in November 575,000 What is the total amount of outstanding checks on November 30,2020? FFF Company had the following bank reconciliation on June 30, 2020:
the following interest bearing promissory note was discounted at a bank by the oayee before maturity. use the ordinary interest method 360 days to calculate the missing information. round dollars to the nearest cent.
Cheyenne Corp. had the following balances in receivable accounts at October 31, 2020 (in thousands): Allowance for Doubtful Accounts $57, Accounts Receivable $2,800, Other Receivables $183, and Notes Receivable $1,354.

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