Question

a salon owners credit card sales for a week were $8555.97. during the same period, she had $583.18 in credit refunds and she paid fees of $2\frac{1}{2}%$ on the net credit - card sales. the balance at the beginning of the week was $4360.14. checks outstanding were $762.35, $38.52, $1553.98, $147.03, $2205.83, $72.74, $3629.54, $825.11, and $400. she had credit - card and bank deposits of $451.54, $784.59, $751.80, $1232.10, $600.51, and $1436.56 that were not recorded. answer parts 1 through 5.

1. find the net deposit given the credit - card sales and refunds.

the net deposit given credit - card sales and refunds is $7972.79

1. find the fee on the net credit - card sales

the fee on the net credit - card sales is $199.32
(type an integer or a decimal rounded to two decimal places as needed.)

1. what is the total of the checks outstanding?

the total of the outstanding checks is $9635.1.

1. find the total of the deposits that were not recorded.

the total of the deposits that were not recorded is $5246.24

1. find the current balance in the account.

the current balance in the account is $

Explanation:

Step1: Recall the formula for current balance

The formula to calculate the current balance is:
\( \text{Current Balance} = \text{Beginning Balance} + \text{Net Deposits} - \text{Outstanding Checks} - \text{Fees} + \text{Unrecorded Deposits} \)

Step2: Substitute the known values

From the problem:

• Beginning Balance = \( \$4360.14 \)
• Net Deposits (from part 1) = \( \$7972.79 \)
• Outstanding Checks (from part 3) = \( \$9635.1 \)
• Fees (from part 2) = \( \$199.32 \)
• Unrecorded Deposits (from part 4) = \( \$5246.24 \)

Substitute these into the formula:
\( \text{Current Balance} = 4360.14 + 7972.79 - 9635.1 - 199.32 + 5246.24 \)

Step3: Perform the arithmetic operations step-by-step

First, add the beginning balance and net deposits:
\( 4360.14 + 7972.79 = 12332.93 \)

Next, subtract the outstanding checks:
\( 12332.93 - 9635.1 = 2697.83 \)

Then, subtract the fees:
\( 2697.83 - 199.32 = 2498.51 \)

Finally, add the unrecorded deposits:
\( 2498.51 + 5246.24 = 7744.75 \)

Answer:

\( \$7744.75 \)