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melamori03 [73]
2 years ago
9

in comparing the canceled checks on the bank statement with the entries in the accounting records, obrien company found that che

ck number 4239 for mays rent was correctly written and drawn for 9855 but was erroneously entered in the accounting records as 9585 when preparing the may bank reconciliation the obrien company should
Business
1 answer:
slava [35]2 years ago
7 0

In the preparation of a bank reconciliation statement, the Obrien Company should make a deduction of $270 from the cash balance.

<h3>What is bank reconciliation?</h3>

The rectification of errors in the bank accounts and entries is done via bank reconciliation. In the above case, bank reconciliation is required for rectification of entry errors in the following way,

  • There is no need for rectification in bank balance, as the deduction in the bank balance is error-free;
  • Cash balance showed an erroneous entry of $9585, instead of $9855;
  • The difference between the correct entry and erroneous entry of $(9855-9585)=$270 shall be made in the cash balance of the books.

Hence, the significance of bank reconciliation to be done by the O'brien Company is given as above.

Learn more about bank reconciliation here:

brainly.com/question/15525383

#SPJ1

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g Which of the following is the first step of the planning phase of a strategic management process? A. establishment of the comp
Elis [28]

Answer:

A. establishment of the company's mission

Explanation:

Strategic management is defined as the steps that a company continuously uses to assess and monitor the abilities not a company to meet up with its goals and objectives. As the business environment changes the organisation will need to make adjustments to stay competitive.

During the planning stage of strategic management there is a need for establishment of a company's mission first of all. This communicates to the employees the business's goals, which helps in setting priorities, focus energy, and strengthen operations in such a way that employees and other stakeholders are working toward a common outcome

5 0
3 years ago
Add a sentence that connects your strength with an important opportunity in your industry. What benefit or value do you bring to
Volgvan

Answer:

Explanation:

I am so creative in time-management and always finding solutions to any problem in projects and have a encouraging including positive effect on any team and at the same time valuing success with all I set out to achieve.  

a) I influence increased revenues through my dedication to research, solution solving, and revenue improvement.

c) I like building and strengthening strategic and tactical alliances. I smash down borders and give room for creativity, innovation and profit making with an resolute focus on the ever-evolving need for development.

8 0
3 years ago
Tom Tom LLC purchased a rental house and land during the current year for $150,000. The purchase price was allocated as follows:
Agata [3.3K]

Answer:

2273

Explanation:

In this question, we are asked to calculate Tom Tom’s maximum depreciation for this first year.

The term maximum depreciation is accounting principle talks about to what extent has the value of an asset been used.

To calculate his maximum depreciation, we need to be conversant with some conventions. The mid-month convention is what we need to understand here. What the convention assumes is that an asset which is placed into service during a given month is assumed to have been placed into

Such service at the middle of such month in question. Also, it is also assumed that disposing an asset at the beginning of one month or any other time of the month is same as disposing the said asset at the middle of the month. This is what the mid month convention is talking about.

It must also be noted that Residential property has a 27.5-year recovery period. The depreciation is thus $2,273 ($100,000 x 2.273%). This gives us the value of the maximum depreciation

6 0
3 years ago
Crane Company acquired a tract of land containing an extractable natural resource. Crane is required by its purchase contract to
Fittoniya [83]

Answer:

$3.28 per ton

Explanation:

Total value = Land + Estimated restoration costs

                  = $7,440,000 + 1,440,000

                  = $8,880,000

Value for depletion = Total value - Salvage value

                                 = $8,880,000 - $940,000

                                 = $7,940,000

Per ton Depletion:

= Value for depletion ÷ Recoverable reserves

= $7,940,000 ÷ 2,420,000 tons

= $3.28 per ton

7 0
3 years ago
In one year, you meet 52 people who are each unemployed for one week and eight people who are each unemployed for the whole year
VARVARA [1.3K]

Long term unemployment is defined as being unemployed for 27 weeks or more. In this example there are a total of 60 people, 52 people who would be categorized as short term unemployment and 8 people who would be categorized as long term unemployment.

In order to calculate the percentage of unemployment in each category you will need to divide the number in each category by the total number.

Short term = 52/60 = 86.7%

Long term - 6/60 = 13.3%

4 0
3 years ago
Read 2 more answers
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