# Depreciation and Checking Account Balance Essay examples

1375 Words Nov 17th, 2011 6 Pages
Hello, I need answer Math for Business and Finance Read the Isntructions first : Examination Number 06044200 Math for Business and Finance Instructions : Complete the following exam by answering the questions and compiling youtr answers into a words-processing document. Be certain to indicate the proper question number before each answer. Remember to show your work if an answer requires a mathematical solution. It's 25 questions.

1. On november 1, 2009 Broom company received a bank statement that showed a \$2,950 balance. Broom showed a \$4,010 checking account balance. The bank did not return the check No. 124 for \$1,080 and check No 138 for \$720. A \$3,200 deposit made on October 30 was in transit. The bank charged Broom \$12 for check
At the end of Year 2, what is the book value using declining-balance method? Assume a depreciation rate of twice the straight-line method.

15. A toy store has a beginning inventory of eight sets of paints at a cost of \$1.25 each. During the year, the toy store purchase three at \$1.50, five at \$2, six at \$2.50, and ten at \$3. By the end of the year, 21 sets were sold. Calculate the following :
A. The number of paint sets in stock B. the cost of endind inventory under LIFO
C. the cost of ending inventory under FIFO
D. The cost of ending inventory under Wighted Average

16. Pete's Warehouse has a market value of \$5,000,000. The property in Pete's area is assessed at 40% of the market value. the tax rate is \$105.10 per \$1,000 of assesse value. What is Pete's property tax?

17. Jim smith, who lives in territory 5, carries 10/10/5 compulsory liabilty insurance along with optional collision that has a \$200 deductible. Jim was at fault in an accident that caused \$1,800 damage to the other auto and \$600 damage to his own. Also, the courts awarded \$13,000 and \$8,000 respectively, to the two passengers in the other car for personal injuries. How much does the insurance company pay, and what is Jim's share of responsibility?

18. Jeff Sellers bought 200 shares of RAdio Shack stock at \$22.35. Eight months later, he sold the stock at \$31.76. Assuming a 2% commission charge, what is the bottom line for Jeff?

19. Sales at Sullivan Realty totaled 10 homes for

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