Answer:
Explanation:
Cash book balance = $2,620
Adjustment
Less:
Bank service charge. $85
Add:
NSF check not recorded. $350
Customer note receivable. $1,000
Interest earned $35
New Balance. $3,920
Answer:
The correct answer is True.
Explanation:
The two areas are responsible for the physical management of any economic transaction of the entity, therefore effective control means the custody of said documents for proper internal management of financial information. Both checks and remittances are care transactions that must be properly supported.
Answer:
The standard labor hours = $2,340
Explanation:
Standard (Budgeted) production volume = 1000 trivets
Standard direct labor hours = 2,600
This means that:
1000 Trivets = 2,600 hours
∴ 1 Trivet = 2,600 ÷ 1,000 = 2.6 hours
Therefore, standard hours for 1 Trivet = 2.6 hours
Actual production volume in May = 900 units
Since we know the standard labor hours for production of 1 Trivet, the standard hours allowed in May is calculated as follows:
1 Trivet = 2.6 hours
∴ 900 Trivets = 2.6 × 900 = 2,340 hours
∴
Answer:
Journal Entry
Explanation:
The Journal entry is to record reimbursement of the account shown below:-
Delivery expenses Dr, $59
Merchandise inventory Dr, $191
Miscellaneous expenses Dr, $28
To Cash $278
(Being petty cash reimbursement is recorded)
Answer:
A. $0.
Explanation:
Tax Basis means that the acquisition cost plus any other cost incurred to make use of that asset. In this case tax basis of trailer is $12,000 but had been owned by Rego for 3 years which means it must have been depreciated over these 3 years. So, if the trailer is sold for $10,000 it must have profit and not any loss, so the allowable loss for Rego would be $0.