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My name is Ann [436]
3 years ago
8

The balance shown in the August bank statement of a company was $22,800. After examining the August bank statement and items inc

luded with it, the company's accountant found: Checks outstanding $ 4,200 NSF check 150 Note collected by bank for the Colt Company 1,500 Deposits outstanding 2,000 Bank service fees 50 What is the amount of cash that should be reported in the balance sheet as of August 31
Business
1 answer:
Elena-2011 [213]3 years ago
7 0

Answer: $20,600

Explanation:

In calculating the amount of cash that should be reported in the balance sheet as of August 31, we add the deposits Outstanding because that is money that we are getting. We then subtract the checks Outstanding because that is money we are to pay. These are the 2 balances to be concerned with.

The cash balance will therefore be,

= Bank account balance + Deposit Outstanding - Checks Outstanding

= 22,800 + 2,000 - 4,200

= $20,600

$20,600 is the amount of cash that should be reported in the balance sheet as of August 31.

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The variable over which service providers have little control is the emotional state of their customers.
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<span>This is true because there is no way for service providers to be able to control the emotional state of their customers. Even if a service provider is very friendly and helps the customer adequately, there is no way to ensure that the customer will be satisfied with the service/in a stable emotional state.</span>
3 0
3 years ago
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (U
Andrew [12]

Answer:

Given that,

Taxable income = $75,000

Interest from an investment = $10,000

Using the U.S tax rate schedule in 2017

(a) Federal tax will he owe = $5,226.25 + 25% × ($75,000 - $37,950)

                                            = $5,226.25 +  $9262.5

                                            = $14,488.75

(b) Average\ Tax\ Rate = \frac{Total\ Tax}{Taxable\ Income}

    Average\ Tax\ Rate = \frac{14,488.75}{75,000}

                                             = 19.32%.

(c)Effective\ Tax\ Rate = \frac{Total\ Tax}{Total\ Income}

Effective\ Tax\ Rate = \frac{14,488.75}{75,000 + 10,000}

                                        = 17.05%          

(d) Chuck is currently in the 25 percent tax rate bracket.

His marginal tax rate on increases in income up to $16,900 and deductions from income up to $37,050 is 25 percent.                                                

6 0
3 years ago
Michael Co. is a corporation that sells breakfast bars. Based on the accounts listed below, what are Michael's total trade recei
Thepotemich [5.8K]

Answer:

B. $42,000

Explanation:

Trade receivables refers total amounts that customers of a company are owing the company for goods or services sold to them.

For Michael Co., this can be calculated as follows:

Michael's total trade receivables = 3-month note due from Michael's main customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales

Therefore, we have:

Michael's total trade receivables = $12,000 + $19,000 + 11,000 = $42,000.

Therefore, Michael's total trade receivables is $42,000.

7 0
3 years ago
The purpose of having a minimum wage is to _____. a. Educate workers about what they could be making b. Guarantee that workers a
vagabundo [1.1K]

Answer:

The purpose of having a minimum wage is to guarantee that workers are paid fairly and not exploited.

Answer:b

3 0
3 years ago
Read 2 more answers
.According to supply-side fiscal policy, reducing tax rates on wages and profits will:
sergejj [24]

Answer:

The answer is C.

Explanation:

Reducing tax rate according to supply - side policy creates demand pull inflation.

Demand pull inflation is a situation whereby people have more buying power due to the availability of cash thereby leading to high demand and consequentially leading to an increase in the price of goods and services by suppliers.

That is the process where demand outplays supply due  to the high purchasing power thereby causing price to increase which is the demand pull inflation effect.

6 0
3 years ago
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