Answer:
Adjusted Bank Balance = $85,000
Explanation:
Adjustment of bank balance is a bank reconciliation procedure, that is used to match the amount in the bank statement with the amount in the company's balance sheet.
To adjust the bank balance, particulars that need to be subtracted or added to the bank statement balance has to be identified and treated accordingly.
For this example, the adjusted balance is calculated thus:
Adjusted bank balance = (Bank statement balance) - (outstanding checks) +(deposit in transit)
Adjusted Bank Balance = 78,000 - 2,400 + 9,400 = $85,000
Note:
outstanding checks are subtracted because they are payments to be made made by the company, representing a liability to the company (payer)
deposit in transit is an income to the company that has not been credited yet, but that will be credited.
Answer:
The correct answer would be option B, GreyHound Bus System.
Explanation:
Greyhound Bus System is considered to be the generic competitor for Southwest Airline. Generic competitors are the ones who have different products or provide different services but the purpose of the product or service remains the same.
So the Greyhound Bus System and Southwest Airline both provide different services, as Greyhound bus system allows travelling through bus while Southwest Airlines allow travelling through aircraft, but the purpose of both the companies remain same, which is to travel or to transport people from one place to another. So these both companies will be the generic competitor of each other.
Answer: Please see answer in the explanation column
Explanation: A T- account resembles a tshape that shows a representation for financial records using double-entry bookkeeping, when it involves different accounts like asserts and liabilities, debits to liabilities decrease the account while credits increase the account. The contrary is true for assets
first T-account
.a) <u>Assets | Liabilities</u>
Reserve: +$2000 Deposit: +$2000
b)
<u>Assets | Liabilities</u>
Reserve $400 Deposit=+$2000
Loans: .+$1600
Where required reserve ratio is 20% ie 0.02 x 2000= $400
The bank will keep $400 as reserve and can only loan out $1600
Deposited in another bank as
<u>Assets | Liabilities</u>
Reserve $1600 Deposit=$1600
Answer: A: $0.None of the members recognize gain because their debt relief was not in excess of their bases in their LLC interest prior to any debt relief.
B: $55,000
C: $285,000
D: $625,000 Albee, LLC takes a $135,000 carryover basis in the assets Kevan contributes and a $490,000 basis in the total cash the other two members contributed.
Explanation: check attached file
Answer:
Total current liabilities 85.008,33
Explanation:
current liabilities: obligations that will setlte within a one-year period
<em />
<em>accounts payable</em> from the purchase of equipment:
cost: 176,500
paid: <u> (125,900) </u>
balance: 50,600
<em />
<em>waranty liaiblity:</em>
191,000 x 5% = 9,550
<em>sales tax payable:</em>
sales for 191,000
paid for <u> (141,000) </u>
unpaid for 50,000 x 6% = 3,000
<em>note payable</em> with a local bank:
principal: 21,500
accrued interest: 21,500 x 5% x 1/3 = 358,33
net: 21,858.33
<u>Total current liabilities:</u>
accounts payables 50,600
warrant liability: 9,550
sales tax payable: 3,000
note payable: <u> 21,858.33 </u>
85.008,33
