Answer:
Adjusted in Cash balance per the bank record
bank balance $19,361
Add: Deposit intransit <u> 1,650</u>
21,011
Outstanding check <u> (891)</u>
Adjusted cash balance <u> 20,120</u>
Explanation:
In order to calculate the adjusted cash balance in the bank record the deposit in transit will be added to the bank balance on the statement while the outstanding check will be deducted. Bank error shall be corrected in cash book side of the reconciliation.
Answer:
B. Any one of the partners can be held solely liable for all of the partnership's debt.
Explanation:
In a partnership the liabilities of the partners are not limited to the share they contributed in the partnership, rather they can be individually held liable if the partnership is not able to meet the debt.
Further the taxation of profits under the partnership is based on the principle similar to sole proprietorship, as the profits are taxed in the hands of partners and not in the hands of partnership firm.
All the partners are equally liable for the operations of business, and there are types of partners, active partner, sleeping partner, etc:
Answer: $8,391.90
Explanation:
So the company borrowed $40,000 from a bank.
They are to pay 7% interest on the note per year for 6 years.
We are to find the annual payments.
7% represents a constant payment schedule per year so we can use an Annuity formula.
Seeing as the Annuity factor has been calculated for us already we don't need to formula though.
The present value of an annuity factor for 6 years at 7% is 4.7665.
Calculating the present value of the annual payment can be done as follows,
= Amount / PVIFA (Present Value Interest Factor for an Annuity)
= 40,000/4.7665
= 8391.90181475
= $8,391.90
The annual payments equal $8,391.90.
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