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Chris M., M.S.W. Social Work
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# 1. In reconciling a bank statement, the bank statement balance

### Customer Question

1. In reconciling a bank statement, the bank statement balance is \$1,000 and the balance per the checkbook is \$1,205. Bank service charges total \$5. A deposit in transit totals \$500. Outstanding checks total \$300. The adjusted cash balance is __________.

a. \$1,200
b. \$1,205
c. \$1,500
d. \$1,505

2. David is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. David's regular pay rate is \$8 per hour. During the week ended June 14, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. David's overtime earnings for the week ended June 14 are __________.

a. \$110
b. \$136
c. \$196
d. \$220

The total payroll cost to an employer of an employee who is shown on business records as earning \$30,000 is:

a. exactly \$30,000.
b. \$30,000 plus 20 percent.
c. less than \$30,000.
d. more than \$30,000.
Submitted: 5 years ago.
Category: Homework
Expert:  Chris M. replied 5 years ago.
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Expert:  Chris M. replied 5 years ago.

Here are the "workings" you requested

1 Bank ending balance = \$1,000 + \$5,000 - \$3,000 = \$1,200

Book ending balance = \$1,205 - \$5 = \$1,200

Adjusted cash balance = \$1,200

2. Pay @ time and 1/2 = 11 x \$12.00 = \$132.00

Pay @ double time = 4 x 16.00 = \$64.00

Total overtime pay = \$196.00 (this is the correct answer)

3. Payroll costs for an employee earning \$30,000 are less than \$30,000 due to payroll deductions.