Explanation:
The preparation of bank reconciliation is presented below:
Crane Company
Bank reconciliation statement
July 31, 2022
Particulars Amount Particulars Amount
Bank cash balance $9,222 Company cash balance $9,328
Deposits in transit $3,763 Collections $2,120
Less: Outstanding Less: service fee -$53
Check -$1,590
Bank balance Company balance
After reconciliation $11,395 After reconciliation $11,395
Answer:
$252,000
Explanation:
Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.
First step is to calculate the Net Purchase
Purchases 259,000
Less Purchase discounts (7,900)
Less Purchase returns (11,900)
Add Freight-in 20,800
Net purchase 260,000
Now let calculate the cost of goods sold
Inventory, 7/1/2020 33,900
Add 260,000
Less inventory balance ($41,900)
Cost of goods sold $252,000
Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000
Answer: E. All of the above are characteristics of managerial accounting.
Explanation:
Managerial accounting is geared towards analysing accounting data to help management of an organization make decisions. As such it is internal and is seen by company employees.
To help the management, specific management reports are produced from which decisions affecting the company can be made. It is relatively flexible to enable it to suit the demands of the company and as it is for internal use, is not independently audited.
A selfish leader that lets his/her desires above the good of their people.
