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Shown below is the information needed to prepare a bank reconciliation for Warren Electric at December 31: 1. At December 31, cash per the bank statement was $ 15,200; cash per the company’s records was $ 17,500. 2. Two debit memoranda accompanied the bank statement: service charges for December of $ 25, and a $ 775 check drawn by Jane Jones marked “ NSF.” 3. Cash receipts of $ 10,000 on December 31 were not deposited until January 4. 4. The following checks had been issued in December but were not included among the paid checks returned by the bank: no. 620 for $ 1,000, no. 630 for $ 3,000, and no. 641 for $ 4,500. a. Prepare a bank reconciliation at December 31. b. Prepare the necessary journal entry or entries to update the accounting records. c. Assume that the company normally is not required to pay a bank service charge if it maintains a minimum average daily balance of $ 1,000 throughout the month. If the company’s average daily balance for December had been $ 8,000, why did it have to pay a $ 25 service charge?
“The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications. U.S. GAAP has been considered by many to be the best GAAP in the world...
At the end of the month, $25,000 of inventory is on hand. Explain how much shrinkage occurred during the month?
Illustrate what about the fact that Malm is a licensed CPA. Would a state board of accountancy have any recourse with respect to Malm's transgressions?
The production will be sold locally in the UK. The cost of the facility is estimated at $150,000,000 USD. Here is other pertinent information on the project: The required rate of return in 12%. Examine this project form the parent’s perspective..
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To the nearest whole cent, what should be the average property tax per unit at a sales volume of 49,700 units? (Assume that this sales volume is within the relevant range.)
Show the effect on the following measures: asset turnover, profit margin, ROI, and RI for the present fiscal year.
The beginning and ending balances in the Property, Plant, and Equipment account are $7,000 and $7,400 respectively. How much equipment did Portland Company purchase during the year?
Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account?
What type of inventory control system would you suggest to Jim Reed and Type of inventory control system
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A total of 80,000 units were produced and sold last month. How many units would company have to sell to achieve a desired profit of $1,200,000?
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