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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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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.

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