Solved

The Following Information Is Needed to Reconcile the Cash Balance

question 47

Multiple Choice

The following information is needed to reconcile the cash balance for Fire Steel Ltd:
? A deposit of $5500 is in transit.
? Outstanding cheques total $1500.
? The book balance is $6500 at 28 February 2017.
? The bookkeeper recorded a $1800 cheque as $17,100 in payment of the current month's rent.
? The bank balance at 28 February 2017 was $19,040.
? A deposit of $500 was credited by the bank for $5000.
? A dishonoured cheque from a customer for $3200 was returned by the bank.
? The bank service charge is $60.
What was the adjusted bank balance?

Apply different factory overhead allocation methods including single plantwide rate and multiple department rates.

Understand common bases for allocating factory overhead and their implications.

Understand the concept of activity-based costing (ABC) and its importance in accurately assigning costs to products.

Calculate factory overhead rates for both single plantwide and multiple production department methods.

Definitions:

Market Size

An estimate of the total demand for a product or service within a particular market.

R&D Costs

Expenses associated with the research and development activities of a company, typically aimed at developing new products or technologies.

Triangular Distribution

A probability distribution shaped like a triangle, which is used to model variables that have known minimum and maximum values and where the mode can be estimated.

NPV Forecast Chart

An NPV Forecast Chart predicts the Net Present Value over time, helping in assessing the profitability of investments.