4 PROBLEMS ON FINANCE :

QUESTIONS :

 

1. On November 1, 2009, Broom Company received a bank statement that showed a $2950 balance. Broom showed a $4,010 checking account balance. The bank didn’t return check No. 124 for $1080 and check no. 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 not for Broom. Prepare a bank reconciliation.

2. Erasers cost $5 per carton and pencils cost $7 per carton. If an order comes in for a total of 15 cartons for $85, how many cartons of each were bought?

3. The price of a hamburger increased from $1.10 to $1.59. What percent did the price increase?

4. Morgan Company received from Lee Company an invoice dated September 27. Terms were 2/10 EOM. List price on the invoice was $5,000 (freight not included). Morgan receives a 9/7 chain discount. Freight charges are Morgan’s responsibility but Lee agreed to prepay the $150 freight charge. Morgan pays the invoice November 9. What does Morgan pay Lee?