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Preparing the bank Reconciliation Statement.
Prepare bank reconciliation as of 31 Oct from the following
a) The Oct 31 cash balance in the general ledger is $844.
b) The Oct 31 balance on bank statement is 373
c) Checks issued but not returned with bank statement were No. 462 for $13 and No.483 for $50.
d) A deposit made late on October 31 for $450 is included in the general ledger balance but not in the bank statement balance.
e) Returned with the bank statement was a notice that a customer's check for $75 that was deposited on Oct 25 had been returned because the customer's account was overdrawn.
f) During the review of the checks that were returned with the bank statement, it was noted that the amount of check No. 471 was $65 but that the company's records supporting the general ledger balance, the check was erroneously recorded as a payment of an account payable in the amount of $56.
Evaluate the consolidated balance for the Equipment account
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Prepare adjusting entries using the following information in the General Journal and Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Evaluate the present value of the subsequent cash flows, rounding to the nearest dollar A single cash inflow of $12,000 in five years, discounted at an 11 percent rate of return.
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The market price of Scornick's common stock subsequently declined by 40 percent.
Create normal costing journal entries for each of the subsequent events. You will also need the subsequent information: Overhead was evaluated at $50,000 for the year and direct labor hours
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
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How liquid is Heavy-Duty Tractors? Support your answer with any ratios that you believe are necessary to justify your conclusion. Also indicate any other information that you would want to have in making a final determination on its liquidity.
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