5. On May 31, Company O\'s general ledger shows a cash balance of $5,123. The Ma
ID: 2584159 • Letter: 5
Question
5. On May 31, Company O's general ledger shows a cash balance of $5,123. The May 31 bank statement shows a balance of $4,905. Other information is available as follows: 1. A May 31 deposit of $300 does not appear on the bank statement; but a $3 service charge does. 2. A customer's $40 insufficient funds check has been returned with the bank statement. 3. Outstanding checks of $10, $15, and $100 are identified on May. What is the correct cash balance on May 31?
A) $4,905 B) $5,080 C) $5,166 D) $5,204
2. A company had sales of $920,000 and fixed costs were $160,000. What was the income from operations if the contribution margin ratio was 30 percent?
A) $116,000
B) $276,000
C) $484,000
D) $644,000
2. A company had sales of $920,000 and fixed costs were $160,000. What was the income from operations if the contribution margin ratio was 30 percent?
A) $116,000
B) $276,000
C) $484,000
D) $644,000
Explanation / Answer
Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up Statementshowing Computations Paticulars Amount Q1 B) $5,080 Cash Balance 5,123.00 Service charge (3.00) NSF Check from Customer (40.00) Correct cash balance 5,080.00 Q2 A) $116,000 Sales 920,000.00 Less Variable Expenses = 920000(1-.30) (644,000.00) Contribution Margin 276,000.00 Fixed cost (160,000.00) Net operating income 116,000.00
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