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Marina CMI [18]
3 years ago
12

The following account balances were listed on the trial balance of Edgar Company at the end of the period: Account Balance Accou

nts Payable $ 32,200 Cash 50,500 Common Stock 38,000 Equipment 17,500 Land 49,000 Notes Payable 64,000 The company’s trial balance is not in balance and the company’s accountant has determined that the error is in the cash account. What is the correct balance in the cash account?
Business
1 answer:
pogonyaev3 years ago
8 0

Answer:

The correct balance in the cash account is $67,700

Explanation:

Trial balance:  In trial balance, there are two columns namely debit columns and credit columns. The total of debit and credit columns should always be matched.  

The debit columns records assets and expenses side  whereas, the credit column record revenue, stockholder equity, and the liability side.

So, the total debit includes =  Cash  +  Equipment + Land

= Cash + $17,500 + $49,000

= Cash + $66,500

And, the total credit side = Accounts payable + common stock + notes payable

= $32,200 + $38,000 + $64,000

= $134,200

Now balance these two sides, so the correct balance would be

Cash + $66,500 =  $134,200

So, the cash = $134,200 - $66,500 = $67,700

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d. not all resources are equally suited to producing every good.

Explanation:

The rule of increasing cost of opportunity is the principle that, when you keep increasing the development of one item, the cost of opportunity of creating the next unit rises. It occurs just as you redistribute resources to create one product which was ideally suited to create the initial product.

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3 years ago
Matthew Granger is a member of the board of directors at Produxicore Inc. Over a period of one year, Matthew failed to attend mo
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Answer: Negligence of duties

Explanation:

As a board member it's one of his primary duty to keep abreast of the firm performance. Not been aware for a year on the excuse of not been informed and not seeking to find out personally shows a negligence of duties.

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Sasha, a production manager at ZestCorp Inc., must predict future labor demand using information about inventory levels from the
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Answer:

Trend Analysis

Explanation:

Trend analysis pertains to categorizing and assigning statistical prototypes that indicate labor demand for the next business year. That is, forecasting your future labor need from past experience and statistical data. This gives Sasha a reasonable objective statistics from the past 3years which she will base her forecast on for the next year. These statistics are also called leading indicators. In this technique. Sasha is utilizing trend analysis to anticipate labor demand.

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3 years ago
A limited liability company that has two or more members can be taxed as a corporation.
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It's true a limited liability company that has two or more members can be taxed as a corporation.

Option A) is true.

If you form a multiple-member LLC and do not file a special form with the IRS, the LLC will be taxed as if it were a partnership. You may elect to be treated as an S Corporation by filing IRS Form 2553, Election by a Small Business Corporation.

A multi-member limited liability company is treated as a pass-through entity for federal income tax purposes. As with a sole proprietorship GmbH, this means that the GmbH does not pay its own taxes. Instead, each member pays taxes on the company's income in proportion to their interest in the LLC.

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1 year ago
The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." Yo
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The April ledger accounts for cash showed  is :

JEFFERSON COMPANY

Bank Reconciliation, April 30, Current Year

Company's Books Bank Statement

Ending balance per cash account   26100 Ending balance per bank statement   23690

Additions:     Additions:    

Interest collected 1320   Deposits in transit 7200  

         

   1320     7200

   27420     30890

Deductions:     Deductions:    

NSF—A. B. Wright 270   Outstanding checks 3800  

Bank charges 60        

   330     3800

Correct cash balance   27090 Correct cash balance   27090

 2    

 General Journal Debit Credit

1 Cash 1320  

       Interest revenue   1320

     

2 Accounts Receivable—A. B. Wright 270  

         Cash   270

     

3 Bank service charge expense 60  

         Cash   60

     

 3    

 Cash balance  27090  

     

 4    

 Total amount of cash  27090  

Deposits in transit = 43300-36100 = 7200

In accounting, a well-known ledger is used to file all of an agency's transactions. inside a general ledger, transactional data is organized into assets, liabilities, sales, fees, and proprietor's equity. After each sub-ledger has been closed out, the accountant prepares the trial stability.

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