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Alexus [3.1K]
2 years ago
13

f a check correctly written and paid by the bank for $352 is incorrectly recorded in the company's books for $299, how should th

is error be treated on the bank reconciliation?
Business
1 answer:
Alja [10]2 years ago
8 0

Add $53 to the book balance.

The book balance is the company's cash balance according to its accounting records. Your book balance may include transactions that have not yet been cleared or cleared from your bank account. At the end of the accounting period, the company's book inventory is reconciled with the bank balance via monthly account statements.

Posted book balance is the closing balance (posted funds) reported in the daily close (MT940). Depending on your sending bank's policy, this balance may include unbilled items. The Clearing Balance is the "true" interest-bearing balance available calculated on a given date book balance.

Learn more about book balance at

brainly.com/question/2853305

#SPJ4

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If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a
Sidana [21]

Option D

If a startup pioneers an industry or a new concept within an industry, the name recognition the startup establishes may create a formidable nontraditional barrier to entry referred to as a(n): first-mover advantage

<u>Explanation:</u>

The first-mover advantage commits to a benefit obtained by a company that prime proposes a commodity or service to the business. The first-mover advantage enables a company to build powerful brand recognition and product/service reliability ere other competitors.

First movers in an industry are nearly constantly supplanted by opponents that strive to gain on the first mover's success and grow market share. The limitations of first movers cover the chance of products being duplicated or enhanced upon by the opposition.

3 0
3 years ago
Assume a firm increases its revenue by $100 while increasing its cost of goods sold by $85. How much additional tax will the fir
natka813 [3]

Answer:

Additional tax the firm will owe: $3.15

Explanation:

Marginal tax rate is calculated by following formula:

Marginal tax rate = Change in taxes paid/Change in income

Change in taxes paid = Marginal tax rate x Change in income

The firm increases its revenue by $100 while increasing its cost of goods sold by $85.

Change in income = $100 - $85 = $15

Additional tax the firm will owe = $15 x 21% = $3.15

8 0
3 years ago
Read 2 more answers
The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): pretax
melisa1 [442]

Answer:

correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

Explanation:

solution

pretax account income = $200

overweight fines=  $5

understate depreciation = 110 - 70 = $40

so total taxable income is = $200 - $5 - $40

total taxable income is = $165

and

income tax is = 40% of $165

income tax = $66

and

income tax expense as per book is = 40 % of ( 200 + 5 )

income tax expense as per book is = $82

so deferred tax liability among non current liability is = $82 - $66 = $16

so correct option is (A) A deferred tax liability of $16 among noncurrent liabilities.

5 0
3 years ago
Farrah, a regional manager for an hvac equipment retailer, received an e-mail from the ceo outlining the new goal of decreasing
Semmy [17]

It is true that the goal received by regional manager Farrah, to reduce the company's costs in the next three years corresponds to an example of a strategic objective.

<h3 /><h3>Strategic planning</h3>

It corresponds to a document where the course of actions that will cover the medium and long term organizational are detailed so that the stipulated objectives and goals are achieved.

Therefore, the strategic objectives of a company will be contained in the strategic planning, and can be understood as the definition of the results that it intends to achieve in a period of time, to increase the vision and the organizational results.

Find out more information about strategic objective here:

brainly.com/question/24462624

7 0
2 years ago
The following information pertains to Eagle Co.'s Year 5 sales: Cash Sales Gross $ 80,000 Returns and allowances 4,000 Credit sa
Debora [2.8K]

Answer:

The amount of net revenue  Eagle should report for Year 5 is $ 80,000.

Explanation:

Under Cash basis of accounting revenue and expenses are recorded when payment against them is made or received. Expenses and revenues incurred are not relevant.

The amount of net revenue will comprises of revenue received in cash during the reporting period. Detail Calculations are given below.

Cash Sales                      $ 80,000

Returns and allowances ($  4,000)

Discounts                         ($  6,000)

Opening Receivable        $ 40,000

Closing Receivable          ($ 30,000)

Net revenue                     $ 80,000                

3 0
4 years ago
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