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Speed Racer Company developed the following reconciling information in preparing its September bank reconciliation:
Cash balance per bank, 9/30 $27,000
Note receivable collected by bank 12,800
Outstanding checks 14,000
Deposits in transit 6,000
Bank service charge 350
NSF check 2,900
Determine the cash balance per books (before adjustments) for Speed Racer Company.
Understand accounting and reporting requirements for governmental entities and identify specific transactions related to governmental entities
A contractor has a contract to construct the sanitary sewer, water line, storm drain, and street lighting for a new subdivision. The contractor uses the cost codes in Figure 2-6. The original estimate for the sewer was $25,000 and a $3,200 change ord..
question 1there are four sources of external financial reporting regulations in australia.requireda briefly discuss
He has no other miscellaneous itemized deductions and does not use the standard deduction. What is amount of Mike’s deduction for employment-related expenses?
The Financial Statements (unaudited) for the year ended 30 th June 2010 that you have been given indicate the subsequent (previous year figures are in brackets)
Review the financial statements and comment on the financial challenges Frequent Ad faces. Prepare Frequent Ad's income statement, statement of retained earnings, and balance sheet.
Seymour Group issued $4,000,000 of 15 year 8% stated rate bonds on July 1, 2014 to yield 10%, which is similar to the current market rate for bonds of similar riskiness. The bonds are semi-annual and the first interest payment is December 31, 2014.
The City of Newport orders a new phone system (General Fund) with a quoted price of $101,300 on September 15.-The invoice was paid on October 4.
Red Barron Trucking discloses in the notes to the financial statements certain lease obligations. Sally Smith, CPA, believes that the failure to capitalize these leases is a departure from generally accepted accounting principles.
The following information pertains to the bank transactions of Rawlins Company: Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330. A deposit of $160, representing cash receipts as of April 30,..
If the lessee knows the implicit interest rate computed by the lessor (e.g., 7%) and it is less than the lessee’s incremental borrowing rate (e.g., 8%), then the lessee must use the lessor’s rate. Why does the FASB require companies to use the lower ..
Section 404(a) of the Sarbanes-Oxley Act requires management of a public company to issue a report on internal control over financial reporting (ICOFR) as of the end of the comany's fiscal year. What type of internal controls is the report addressing..
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