In preparing its bank reconciliation for the month of April 2017, Henke, Inc. has the following information available. Balance per bank statement, 4/30/17 $102,420 NSF check returned with 4/30/17 bank statement 1,350 Deposits in transit, 4/30/17 15,000 Outstanding checks, 4/30/17 15,600 Bank service charges for April 60 What should be the correct balance of cash at April 30, 2017?
Read DetailsNiles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 Inventory, March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is
Read DetailsTransactions for the month of June were: Purchases Sales June 1 (balance) 3,200 @ $3.20 June 25 2,400 @ $5.50 3 8,800 @ 3.10 25 6,400 @ 5.50 7 4,800 @ 3.30 25 4,000 @ 5.50 15 7,200 @ 3.40 25 1,600 @ 6.00 22 2,000 @ 3.50 25 5,600 @ 6.00 25 800 @ 6.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is
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