Answer:
Please see solution below
Explanation:
Bank reconciliation as at June 31st.
•Bank statement balance
$25,800
Add:
Bank service charges
$100
NSF check
$600
Wrong drawn
$400
Total
$1,100
Adjusted bank balance
$26,900
Bank reconciliation as at June 31st.
•Cash book balance
$27,500
Add: outstanding checks
$5,600
Balance
$34,100
Less: deposit in transit
($6,200)
Adjusted book balance
$26,900
Answer:
1. Indication of financial statement to refer to when answering questions in the following table:
Question Financial Statement
How profitable has the firm been? Income Statement
How much of the firm's earnings are Statement of Retained Earnings
left as balance after the firm pays out
dividends to its shareholders?
2. If compensation for senior management is based on short-term performance of the firm, in the short run the firm is likely to:
a. Overstate its earnings
Explanation:
Company A's Income Statement shows its profit performance at different levels. At one level is the gross profit, which shows the difference between the net sales or service revenue and the cost of sales/service. At another level is the operating income, which is the income before interest and taxes. The next important level is the net income, which is the profit after taxes. This shows the earnings available for distribution to stockholders. The Statement of Cash Flows classifies the cash flows generated into operating, investing, and financing activities, and shows the non-cash flow adjustments.
Answer:
d. It recognizes that manufacturing and service delivery systems must execute quality specifications well.
Explanation:
GAP provides for better performance and accounting standards.
Whether manufacturing unit, or a unit of providing service, it establishes some standards which need to be complied with. Accordingly one of the standard requires the units to have quality specifications. This means that the manufacturing units along with units providing service shall not only consider for increasing their revenue, but also increase the quality provided by them.
Answer:
Marketing
Explanation:
There are various explanations for the term Marketing. It is essentially a group of activities aimed at creating a valuable customer relationship. Unlike traditional approaches which planned their activities based on what the customers would buy, the Marketing approach takes decisions based on wht the customer wants/needs. It places customer at the center and all the activities revolve around them.
