Bank reconciliation data and adjustment data: The income tax rate is 30%. This a
ID: 2587809 • Letter: B
Question
Bank reconciliation data and adjustment data:
The income tax rate is 30%. This amount will be paid when the tax return is due in April. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.)
just encase you can not read the first two pictures too well. i wrote down there words here. NEED HELP on bank reconciliation. it can also be read in this box if you can not read the picture.
1. On February 1, Marigold collected fees of $15,600 in advance. The company will perform $1,300 of services each month from February 1, 2017, to January 31, 2018. 2. On February 1, Marigold purchased computer equipment for $11,400 plus sales taxes of $600. $3,800 cash was paid with the rest on account. Check #455 was used. 3. On March 1, Marigold acquired a patent with a 10-year life for $12,000 cash. Check #456 was used. 4. On March 28, Marigold recorded the quarter’s sales in a single entry. During this period, Marigold had total sales of $180,000 (not including the sales referred to in item 1 above). All of the sales were on account. 5. On March 29, Marigold collected $173,000 from customers on account. 6. On March 29, Marigold paid $16,300 on accounts payable. Check #457 was used. 7. On March 29, Marigold paid other operating expenses of $96,500. Check #458 was used. 8. On March 31, Marigold wrote off a receivable of $300 for a customer who declared bankruptcy. 9. On March 31, Marigold sold for $2,110 equipment that originally cost $14,000. It had an estimated life of 5 years and salvage of $1,000. Accumulated depreciation as of December 31, 2016, was $10,400 using the straight line method. (Hint: Record depreciation on the equipment sold, then record the sale.) Accounting Cyde Review 9-2 Part Level submission) Matigold Corp. prepares quarterly financial statements. The pust-tlosinu trial balance at December 31, 2016, is presented below. MARIGOLD CORP Post Closing Trial Balance December 31, 2016 Debit $22,700 22,000 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Equipment 1,300 23,000 11,000 Builcings 100,000 11,000 20,000 Accounts Payable Common Stock Retained Eamings 12,300 85,000 67,100 17187 During the first quarter of 2017, the fellowing transactions occurred: 1. on February 1, Marigold collected fees of $15,600 in advance. The company will perform 1,300 ot services each month trom February 1, 2017, to January 31, 2018. 2. onebruary 1, Marigold purchased computer equipment for $11,400 plus sales taxes or s600,,000 cash was paid with the rest on account. Check #455 was used. 3. On March 1, Marigold acquired a patent with a 10-year life for 312,000 cash. Check #456 was used. 4. On March 20, Marigold recorded the quarter's sales in a single entry, During this period, Harigold had total sales of s180,000 (not including the sales referred to in item 1 above.All o the sales were on account. 5. On Mach 29, Marigold collected $173,000 from customers en account. 6. on March 29, Marigold paid $16.00 on accounts payable. Check #457 was used. 7. On March 29, Marigold paid other operating expenses or S96.500. Check #450 was used. 0. On March 31, Marigold wrote or a receivable or00 for a customer who declared bankruptcy. 9. On March 31 Marigold sold to $2,1 10 equipment that originally cost $14,000 t had an estimated life or 5 years and salvage of S1,000 Accumulated depreciation as of December 31, 2016 as 10,400 sing the straight line method t: Record depreciation on the equipment sold, then record the sale.) Bank reconciliation data and adjustment data 1. Tha cormpany reconciles its hank statement evary quarter. Infarmation from tha Decamber 31, 2015, bank reconciiatian is: Deposit in transit: 12/30/201 utstandinq checks #441 $5,000 3.200Explanation / Answer
Marigold Corp.
Bank Reconciliation statement as of 3/31/17
Balance as per Bank statement
107,490
Less:
Outstanding checks:
#440
3,200
#454
5,890
#455
3,800
#456
12,000
24,890
82,600
Add:
Deposits in transit
2,110
Add:
Other
Bank charges
100
84,810
Marigold Corp.
Bank Reconciliation statement as of 3/31/17
Balance as per Bank statement
107,490
Less:
Outstanding checks:
#440
3,200
#454
5,890
#455
3,800
#456
12,000
24,890
82,600
Add:
Deposits in transit
2,110
Add:
Other
Bank charges
100
84,810
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