A. Tim actually has $1,790 ($1,882 - $603 + $1,788) in cash at May 31.
B. Journal entries:
To determine the actual cash balance at May 31, we need to adjust the ending balance provided on the bank statement based on the additional information given.
Starting with the bank statement's ending balance of $595, we subtract the outstanding checks totaling $603 since those checks haven't cleared the bank yet. This results in a negative balance of -$8.
Next, we add the deposit in transit of $1,788, as this amount represents a deposit made by Tim that hasn't been recorded on the bank statement yet. The adjusted balance is now $1,780.
B. The necessary journal entries for the bank reconciliation are as follows:
EFT rent collection:By journalizing these entries, Tim's cash records will be properly adjusted to reflect the accurate cash balance at May 31.
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4. Vacation Properties began January with concession inventory of $48,000. The business made net purchases of concessions for $106,000 and had net sales of $200,000 before a fire destroyed its concession inventory. For the past several years, Vacation Properties’ gross profit percentage has been 40%. Estimate the cost of the concession inventory destroyed by the fire.
The estimated cost of the concession inventory destroyed by the fire is $34,000.
How to Estimate the cost of the concession inventory destroyed by the fire.To estimate the cost of the concession inventory destroyed by the fire, we can use the gross profit percentage and the net sales amount.
The gross profit percentage is given as 40%, which means that the cost of goods sold (COGS) is 60% of the net sales amount. We can calculate the estimated COGS using this percentage.
Net Sales = $200,000
COGS = 60% of Net Sales = 0.6 * $200,000 = $120,000
Now, to estimate the cost of the concession inventory destroyed, we can subtract the COGS from the total inventory value:
Total Inventory Value = Beginning Inventory + Net Purchases
Beginning Inventory = $48,000
Net Purchases = $106,000
Total Inventory Value = $48,000 + $106,000 = $154,000
Cost of Inventory Destroyed = Total Inventory Value - COGS
Cost of Inventory Destroyed = $154,000 - $120,000 = $34,000
Therefore, the estimated cost of the concession inventory destroyed by the fire is $34,000.
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When distinguishing between a client, referral source, payer, and beneficiary, social workers can identify a client as an individual, family, group, organization, or community that:
A: Suggests that a person goes for services.
B: Provides funding for the services.
C: Benefits from the services.
D: Agrees to receive help.
E: None of the above.
When distinguishing between a client, referral source, payer, and beneficiary, social workers can identify a client as an individual, family, group, organization, or community that agrees to receive help (option D). So, option D is the right choice.
A client, in the context of social work, refers to the person or entity seeking assistance or services.Among the given options, only option D, "Agrees to receive help," accurately describes the role of a client.The individual, family, group, organization, or community that seeks and agrees to receive help or services from a social worker is considered the client.The client actively participates in the social work process, working collaboratively with the social worker to address their needs and goals.The referral source (option A) refers to the person or entity that suggests or recommends that an individual or group seek services.The payer (option B) refers to the person or entity that provides funding or financial resources to cover the cost of the services.The beneficiary (option C) refers to the person or entity that receives the benefits or advantages from the services provided.Therefore, the correct option that identifies a client is option D, "Agrees to receive help."
The right answer is option D. Agrees to receive help
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