Answer and Explanation:
The preparation of the bank reconciliation statement for August 31 is presented below:
Miller Co.
Bank reconciliation statement
August 31
Particulars Amount Particulars Amount
Bank cash balance $4,709 Company cash balance $5,162
Add: Less:
Deposits in transit $1,035 Bank service charges -$33
Less: Outstanding Error in recording -$9
Check -$624
Bank balance Company balance
After reconciliation $5,120 After reconciliation $5,120
Answer:
The current and quick ratios both increase.
Explanation:
As we know that
The current and the quick ratio represents the liquidity position of the company whether the company is able to pay its short term obligations or debt for the twelve months or not
It can be check by determining the current ratio and the quick ratio which is
Current ratio = Current assets ÷ current liabilities
And, the quick ratio is
Quick ratio = (Current assets - inventory) ÷ current liabilities
It is always expressed in the times
So for improving the financial position we have to indicate the current and quick ratio
Answer:
Nexsen new stock basis is $82.67
The holding period of new stock begin on the date new stock was purchased.
The sale of rights produce capital gain of $550
Explanation:
Sale price of the right stock:
Purchase price of right stock is 75 stocks * $90 = $6,750
Less: Selling price of right stock is 25 stocks * $22 = $550
Total cost of right stock is $6,200
No of right stock purchased 75
Cost per stock is $6,200 / 75 = $82.67
Answer: All of the above
Explanation:
Accounting data can have bias or data that should not necessarily be included due to a couple of factors.
Accounting rules are too rigid because when they are applied, the Accountants will ibe unable to remove the noise and entries made by Management without removing a substantial part of Accounting records. There is need for more flexible rules so that Accountants can restrict how easily Management can introduce bias.
Accounting works a lot of forecasted information and it is impossible to make completely accurate forecasts as events can simply happen out of nowhere and disrupt operations. Also there is Human error in the forecasts so this can lead to noise and bias.
Finally, Accounting bias and noise can be linked to pressure from Corporate management to report data in a certain way for a myriad of reasons such as to improve management benefits if they are performance related, to avoid taxes, and to avoid Government regulations amongst others.
Answer:
D.) All the temporary accounts
Explanation:
The closing entry process closes or "zeroes out" the temporary accounts and transfer their balances to the retained earnings account.
Theses temporary accounts are closed or reset at the end of every year. Companies also call this as the closing of the books.
Temporary accounts includes:
1. Revenue & Gain Accounts
2. Expenses & Losses Accounts
3. Dividends & Withdrawal Accounts
4. Income Summary accounts (if used)
