Can someone help me to fix this BAFS question?

Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year i

Mamont248 [21]

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.

Explanation

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

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5 0

4 years ago

Journal entries based on the bank reconciliation are required in the depositor's accounts for?

levacccp [35]

Journal entries based on the bank reconciliation are required in the depositor's accounts for book errors.

For book errors, journal entries based on the bank reconciliation must be made in the depositor's accounts. An entity's bank account is matched up with its financial records using a bank reconciliation statement, which is an overview of banking and commercial activity.

The statement lists all of the deposits, withdrawals, and other transactions that affected a bank account over a certain time period. An effective internal financial control tool for preventing fraud is a bank reconciliation statement. A bank reconciliation statement summarizes banking and business activity by comparing a company's bank account to its financial records.

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4 0

2 years ago

roberta’s brokerage account contains 10 stocks. she has held five of those stocks for over two years, and she purchased the othe

tino4ka555 [31]

She should sell one of the stocks that she's held for over two years because long term gains receive preferential tax treatment

For the point of taxation, short term capital gains are treated as ordinary income , where as long term capital gains have preferential tax rates of 0%,15% or 20%, which depends upon the income level. Also effective tax rates on the long term capital gain is lesser than the short term capital gain.

With the top incomes paying about half the taxes on capital income as earned income, this preferential rate is one of the most expensive in the tax law and is regarded as a tax expenditure.

A capital gain is profit from the sale of an asset, like a business, stock, piece of art, or parcel of land.

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5 0

2 years ago

The following information pertains to Peak Heights Company: Income Statement for Current Year Sales $ 93,000 Expenses Cost of go

Bess [88]

Answer:

Peak Heights Company

Cashflow Statement (Extract)

Cashflow from Operating Activities

Cash Receipts from Customers $94500

Cash paid to Suppliers and Employees ($25450)

Cash Generated from Operations $0

Net Cashflow from Operating Activities $69050

Explanation:

Cash Receipts from Customers

Open a Trade and Other Receivables - T Account and the balancing figure is the cash receipts from customers

Opening Accounts Receivables $ 12000(debit)

Sales for the Year $ 93000

Closing Accounts Receivables$10500(credit)

Bank (Balancing Figure) $ 94500 (credit)

Therefore Cash Receipts from Customers is $94500

Cash paid to Suppliers and Employees

Sales $ 93,000

Less Cost of goods sold $ 51,875

Gross Profit $ 41,125

Less Net income $ 23,125

Expenses $18,000

Calculation for Cash Expenses (Suppliers and Employees)

Expenses $18,000

Add Depreciation expense $6,000

Add Increase in Accounts payable(2250-800) $1,450

Cash paid to Suppliers and Employees $25450

4 0

3 years ago

The resources a business uses to conduct its operations are called.

Tema [17]

Answer:

assets is the correct answer.

Explanation:

7 0

2 years ago