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The following relates to Tim's Business entity, not Tim the owner. Tim's business prepares monthly bank reconciliations of his cheque account balance. The bank statement for March 2015 indicated the following: Balance, March 31, 2015 $7,920 Bank service charges for March 20 Interest earned during March 30 NSF (bounced) cheque from a customer previously deposited by Tim 32 Collection of note ($1,000) and the related interest ($40) from customer 1,040 An analysis of cancelled cheques and deposits and the records of Tim revealed the following items: Cheque account balance per Tim's accounting records March 31 $7,170 Outstanding cheques as of March 31 952 Deposits in transit on March 31 1,310 Error in recording cheque # 267 issued by Tim 90 The correct amount of cheque # 267 is $340, but it was recorded as a cash disbursement of $430. The cheque was issued to pay for inventory purchased. The cheque was written correctly and appeared on the bank statement correctly it was just recorded in Tim's Business accounting records incorrectly. Required A) Prepare a bank reconciliation in proper form for March 31, 2015. B) What amount would Tim report his cash balance in the statement of financial position (balance sheet) at March 31, 2015? C) Record the transaction (adjustments) Tim will need as a result of this bank reconciliation process?
cedar fair limited partnership owns and operates fourseasonal amusement parks cedar point in hi valleyfair
explain the long-run adjustments that will create equilibrium with firms operating at their minimum efficient scale.
Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner's equity for the month of June.
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each mon..
the coca-cola company uses an eva approach to performance measure which it calls economic profit. go to coca-colas
for the past several years emily page has operated a part-time consulting business from her home. as of june 1 2010
the stockholders equity accounts of neer corporationon jan. 1 2010 were as followpreferred stock 8 50 par cumulative
Partnership will take a carryover basis in an asset it acquires when: a. The partnership acquires the asset through a § 1031 like-kind exchange. b. A partner owning 25% of partnership capital and profits sells the asset to the partnership.
Fraud awareness training should be: a. broad and all encompassing b. extensive and include details for all functional areas c. specifically related to the employee's job responsibility
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $100,000 but that employee income taxes totaling $14,000 and FICA taxes ..
If the contribution margin ratio for Carnegie Company is 32%, sales were $900,000, and fixed costs were $210,000, what was the income from operations?
cane company manufactures two products called alpha and beta that sell for 240 and 162 respectively. each product uses
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