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oksano4ka [1.4K]
3 years ago
7

The following information pertains to Sooner Company's cash balance and bank reconciliation as of August 31: Company balance bef

ore reconciliation $5,000 Checks outstanding $2,500 Notes collected by the bank $2,200 Service fee $50 Deposits outstanding $2,000 What is the correct cash balance for Sooner Company?
(A) $5,150.
(B) $7,650.
(C) $7,150.
(D) $7,250.
Business
1 answer:
MAXImum [283]3 years ago
6 0

Answer: The correct cash balance for Sooner Company is "(C) $7,150."

Explanation: The balance of the company before the settlement was $ 5000. The data to take into account to adjust the differences are:

Notes collected by the bank $ 2,200

Service fee $ 50

<u>Therefore: 5000 + 2200 - 50 = $7150</u>

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Explanation:

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3 0
3 years ago
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6 0
3 years ago
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Answer:

b. is zero.

Explanation:

Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.

There are three (3) types of taxation used by the government, these are;

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For instance, Citizen A pays 20% on $50,000 and Citizen B pays 15% on $36.000.

2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.

For instance, Citizen A pays 10% on $50,000 and Citizen B pays 10% on $36,000.

3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.

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The marginal tax rate for a lump-sum tax is zero because an additional amount of money would not change it.

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2 years ago
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Answer:

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7 0
3 years ago
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