Answer: c. may or may not balance
Explanation:
Even though there are errors in the General Ledger, it is not a given that the Trial Balance will not balance. The purpose of the Trial balance is to match the debits in the company to the credits. This means that if the errors in the General Ledger were still put on the correct side then the Trial Balance would still balance.
For instance, if utility expenses were debited to Purchases in error, both accounts fall on the debit side of the Trial Balance so the Trial Balance would still balance regardless of the error.
Answer:
The amount of check is $4,554
Explanation:
Term 1/10, n/30 means there is a discount of 1% is available on payment of due amount within discount period of 10 days after sale and net credit period of 30 days.
According to given data
Sales = $6,000
Returns = $1,400
Amount due = $6000 - $1,400 = $4,600
As the payment is made within discount period, so discount will be availed
Discount = $4,600 x 1% = $46
Amount of Check = $4,600 - $46 = $4,554
Answer:
$34,500
Explanation:
Whelan, Inc.
2019 Operating Cash Flow
<u>Details Amount ($)</u>
Interest expense paid (97,500)
Decrease in net working capital investment <u> 132,000 </u>
Net operating cash flow <u> 34,500 </u>