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Videosoft Company maintains a checking account at the Intelex Bank. At July 31, selected data from the general ledger account and the bank statement are as follows:
Cash in Bank
Per Books
Per Bank
Balance, July 1
$17,600
$18,800
July receipts
82,000
July credits
80,470
July disbursements
76,900
July debits
.
74,740
Balance, July 31
$22,700
$24,530
Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $1,470 for the collection of a $1,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $40 for printing additional company checks.
You also discover the following errors involving July checks: (1) A check for $230 to a creditor on account that cleared the bank in July was journalized and posted as $320; (2) a salary check to an employee for $255 was recorded by the bank for $155.
The June 30 bank reconciliation contained only two reconciling items: deposits in transit $5,000 and outstanding checks of $6,200.
Instructions:
given the following information compute the current and quick ratioscash 100000accounts receivable 357000inventory
Kim owns 100% of the stock of Cardinal Corporation. In the current year Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.
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