Great Falls Co's bank reconciliation as of February 28 is shown below $38,153 +745 -35 $37,643 Book balance Bank balance + Depos

Answer:

(b) macaroni is categorized as an inferior good, and the price elasticity of supply is zero.

Explanation:

An increase in income by 10 percent results in a 15% reduction in the demand for macaroni and cheese without any change in price. This suggests that macaroni is indeed an inferior good with zero price elasticity of supply.

Inferior goods experience lower demand as incomes rise, supported by the observation that ‘’A 10 percent increase in income leads to a 15% decrease in the quantity of macaroni demanded’’.

In terms of price elasticity of supply, a value of zero indicates that the supply amount remains unchanged regardless of price fluctuations: the supply is "fixed". The original scenario states there was ''no change in the price of macaroni,'' indicating that the elasticity of supply in this situation is zero.

Answer:

Explanation:

To compute the value, 8 × 12 = 96 distinct cash flows need to be evaluated.

There's no single formula for this case, as the $6 increase does not follow a constant growth rate.

The monthly payment schedule is:

Month            payment ($)

0 (today)             300

1                           306

2                          312

3                          318

n                          306 + 6 (n-1)

96 (last)               876

Then create a spreadsheet reflecting these details:

• Five columns
• The first column indicates the month starting at month 0 (today)
• The second column represents the initial balance, starting with 0
• The third column calculates interest based on the monthly interest of 6% convertible monthly: 0.06/12 = 0.005.
• The fourth column reflects the deposit amount; $300 in month zero, increasing by $6 each following month.
• The final balance in column five constitutes the initial balance (column two) + interest (column three) + deposit (column four).
• Total rows needed: 96, for 8 years × 12 months/year = 96 months.
• Each row's initial balance equals the previous row's final balance.

Here is a sample for the first three rows:

Month  Initial balance  Interest                    Deposit     Final balance

 0                  0                   0                          300          300

 1                 300             300×0.005 = 1.5    306          607.5

 2                607.5          607.5×0.005           312          922.54

Continue this process until you complete the 96 rows to arrive at the account balance after eight years, which is reflected as the final row shows

Response:

This question lacks components that are enumerated as follows:

A) Prepare a bank reconciliation as of October 31, 20Y9

B) Journalize the required entry

C) If a balance sheet were generated for Coastal Bike Co., what amount should be recorded as cash?

Solution

Beginning cash balance -  36,016Cash deposited -             138,030

Check written -                (138,571)                                          35,475

Bank reconciliation for Coastal Bike as of October 31 20Y9

Cash balance from Bank statement  -                43,940

Unrecorded deposit               1796

Bank error (750-570)               180

Outstanding checks               6281

Total adjustments                                                           4,305

Adjusted balance                                                           39,635

Cash balance adjusted after transactions of the month   35,475

Note collected by bank                    5670

Bank service charges paid                            26

Returned checks received                               1,394

Discrepancy recorded for a check(210-120)       90

Total adjustments made                             4160

Adjusted balance after all transactions                    39,635

B

Increase in cash entries

Description                               Debit                    Credit

Cash                                          5670

Note receivable collected                                                     5400

Interest income noted                                                        270

Accounts payable (Rack pro)      90

Accounts receivable (Bay view) 1394

Bank service charges incurred                            26

Cash accounted for in final calculation                                           1510

c

Amount to report as cash on balance sheet

Opening cash account -  36,016

Cash deposited -             138,030

Check payment made -                (138,571)

                                         35,475