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Y_Kistochka [10]
3 years ago
8

The Cash account of Gate City Security Systems reported a balance of $2,530 at December 31​, 2018. There were outstanding checks

totaling $ 500 and a December 31 deposit in transit of $ 400. The bank​ statement, which came from Park Cities​ Bank, listed the December 31 balance of $3,120. Included in the bank balance was a collection of $ 500 on account from Jane Lindsey​, a Gate City customer who pays the bank directly. The bank statement also shows a $20 service charge and $ 10 of interest revenue that Gate City earned on its bank balance.
Requried:
Prepare Gate City​'s bank reconciliation at December 31.
Business
1 answer:
Soloha48 [4]3 years ago
3 0

Answer:

Gate City Security Systems

Bank Reconciliation at December 31, 2018

Book:  

Balance , December 31, 2018  $2,530

<em>Add: </em>

Collection from Jane Lindsey $500  

Interest revenue $10

<em>Less:</em>

Service charges  $20

Adjusted book balance December 31, 2018  <u>$3,020</u>

Bank:

Balance , December 31,2018  $3,120

<em>Add:</em>

Deposit in transit  $400

<em>Less:</em>

Outstanding cheque  $500

Adjusted bank balance December 31, 2018  <u>$3,020 </u>

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Further Explanation:

5 sides to the Pentagon:

The structure was initially intended to fit onto a tract of land with fringes on five sides. At last, it was constructed somewhere else, at a site where a pentagonal shape was never again basic. Be that as it may, when of this area change, it was past the point where it is possible to think of another plan. So it stayed a pentagon.  

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Subject: business

Level: High School

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2 years ago
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Professional athletes attempting only to maximize income will defer larger salaries if:
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3 years ago
Who is the Father of accounting
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2 years ago
This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $218,000. Last year, their total t
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Answer:

1. Yes

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Explanation:

Basic Rules For Estimated Tax For Individuals

Any individual who has estimated tax for the year of $1,000 or more and  whose withholding does not equal or exceed the “required annual payment” must make quarterly payments. Otherwise, a penalty may be assessed. The required annual payment is the smaller of the following amounts:  

1.Ninety percent of the tax shown on the current year's return.  

2.One hundred percent of the tax shown on the preceding year's return (the return must cover the full 12 months of the preceding year). If the AGI on the preceding year's return exceeds $150,000 ($75,000 if married filing separately), the 100% requirement is increased to 110%.

Are Paula and Simon required to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty?

Following the basic rules above, yes, Paula and Simon have to increase their withholdings or make estimated tax payments this year to avoid the underpayment penalty.

If so, how much?

Amount of income tax liability = $218,000

In general, taxpayers must pay at least 90 percent of their tax bill during the year to avoid an underpayment penalty when they file.

Therefore Minimum estimated payments-90% : $218,000 * 0.9 = $196,200

110% of the preceding year's tax: $182,000 * 1.10 = $200,200

According to the basic rules the required annual payment is the smaller which is $196,200.

Tax withholding from their employers = $188,800

Estimated tax payments required = $196,200 - $188,800 = $7,400

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3 years ago
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Answer:

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Explanation:

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