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RUDIKE [14]
2 years ago
10

What does reconciling an account mean?

Business
1 answer:
Gala2k [10]2 years ago
8 0

Reconciliation is the accounting process of comparing two data sets to ensure that the numbers are correct and consistent.

Reconciling bank statements simply means comparing your internal financial records with those provided by your bank. This process is critical to being able to identify anomalous transactions caused by fraud or accounting errors.

All businesses are required to reconcile their banks at least once a month. It is convenient to reconcile the books immediately after the end of the month, as at the end of the month your bank will send you a monthly statement that you can use as the basis for your reconciliation. Balance sheet reconciliation is the process of closing the balances of all individual companies.

Learn more about Reconciliation here:- brainly.com/question/15525383

#SPJ4

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Brittany is preparing a market analysis for her business plan and knows she will have to conduct formal research to gather the i
stepan [7]

Answer:

conduct interviews and surveys or organize a focus group

Explanation:

Formal research involves gathering data in a controlled, structured, and objective manner, so much so that a plan is followed very strictly and all information is documented. Therefore in order for Brittany to conduct a formal research, she should conduct interviews and surveys or organize a focus group. This would allow her to control the situation and document and analyze all the information gathered.

7 0
4 years ago
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll d
devlian [24]

Answer and Explanation:

The journal entries are shown below:

On December 31

Salary Expense $735.00  

  To Federal Withholding Taxes Payable $120.00  

     To Social Security Taxes Payable 44.10 (735  × 6%)

     Medicare Taxes Payable 11.03 (735  × 1.5%)

     Salaries Payable 559.87

(Being salary expense is recorded)

Here the salaries expense is debited as it increased the expense and credited the payable account as it increased the liabilities account

Working note

Regular earnings 600 (40 × 15)  

Overtime earnings 135 (46 - 40) × 15 × 1.5  

Gross earnings 735  

3 0
3 years ago
Caroline pays 15% taxes on dividends and capital gains and 35% taxes on ordinary income. Three years ago, she purchased 100 shar
Lilit [14]

Answer:

The answer is: B) $175

Explanation:

Caroline made an income of $500 from this transaction and it should be taxed at ordinary income rate (35%).

Caroline´s taxes = $500 x 35% = $175

In order for Caroline to be taxed at 15% (capital gains rate) she should have sold a capital asset that she had owned for more than one year, but in this case she didn´t sell any stock.

8 0
3 years ago
Buying a Home Reading Quiz
Maru [420]
The answer is A , to always see who’s selling the property , Hope this helps
3 0
4 years ago
The body of a routine message that requests information or action should
Papessa [141]
Your answer is A.) present details that explain your request
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4 years ago
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