Accounting

posted by .

T/F Questions

The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to timing differences.

Sales Discounts is a revenue account with a credit balance.

Multiple Choice:

Assuming a 360-day year, proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was
a. 6.25%
b. 10.00%
c. 10.26%
d. 9.75%

  • Accounting -

    On January 1, 2007, the Kings Corporation issued 10% bonds with a face value of $100,000. The bonds are sold for $96,000. The bonds pay interest semiannually on June 30 and Decemeber 31 and the maturity date is December 31, 2011. Kings records straight line amortization of the bond discount. The bond interest expenses for the year ended Decemeber 31, 2007 is?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Please help!!!!Accounting

    . Leng Xiong is unable to reconcile the bank balance at January 31. Leng’s reconciliation is shown here. Cash balance per bank $3,660.20 Add: NSF check 370.00 Less: Bank service charge 25.00 Adjusted balance per bank $4,005.20 Cash …
  2. Business Maths

    How do i calculate this proble and enter it in a journal entry: On January 1, the long-term liability section of a company’s balance sheet showed a balance of $20,000 in the bonds payable account. On December 31, the balance in the …
  3. business

    Tavarez Company assembled the following information in completing its July bank reconciliation: balance per bank $15,280; outstanding checks $3,100; deposits in transit $5,000; NSF check $320; bank service charge $100; cash balance …
  4. accounting

    Recently Boeing has maintained a cash balance of over $6 billion. At an annual inflation rate of about 2 percent, does cash have more or less purchasing power at the end of a given year than at the beginning?
  5. accounting

    Part 5 Cash Budgeting Landis Company has the following sales forecasts for the selected three-month period in the current year: Month Sales April $12,000 May 7,000 June 8,000 Seventy percent of sales are collected in the month of the …
  6. introducing to accounting

    After the closing entries are posted to the ledger, each revenue account will have a) zero balance. b)debit balance c) a credit balance d)either a debit or a credit balance. MY ANSWER IS D BUT I AM NOT SURE :)
  7. introducing to accounting

    After the closing entries are posted to the ledger, each revenue account will have a) zero balance. b)debit balance c) a credit balance d)either a debit or a credit balance. My answer is a) ,but I am not sure:)
  8. Accounting

    After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debit or a credit balance.
  9. accounting

    After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debit or a credit balance.
  10. Accounting

    Accounting 1 Help! 1. An accountant records a transaction when cash is paid or received under which basis of accounting?

More Similar Questions