The cash account for Norwegian Medical Co. at April 30 indicated a balance of $10,185. The bank statement indicated a balance of $11,500 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,140.
b. A deposit of $4,310, representing receipts of April 30, had been made too late to appear on the bank statement.
c. The bank collected $2,240 on a $2,130 note, including interest of $110.
d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $700. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account.
e. A check drawn for $70 had been erroneously charged by the bank as $700.
f. Bank service charges for April amounted to $55.
Required:
1. Prepare a bank reconciliation.
2. Journalize the necessary entries.
3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

You have $22,000 to invest in a stock portfolio. your choices are stock x with an expected return of 11 percent and stock y with an expected return of 13 percent. if your goal is to create a portfolio with an expected return of 11.74 percent, how much money will you invest in stock x? in stock y?

Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100