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antiseptic1488 [7]
3 years ago
8

If a check correctly written and paid by the bank for $272 is incorrectly recorded in the company's books for $227, how should t

his error be treated on the bank reconciliation?
Business
1 answer:
djverab [1.8K]3 years ago
4 0

Answer:

Add $45 to the book balance.

Explanation:

This is a transposition error which is an example of error of original entry. A transposition error occurs when the figures are posted in the wrong order, while an error original entry occurs when a wrong amount is entered into the right account. This kind of error usually causes discrepancy between the bank balance and the book balance.

To correct this error in the question, we first find the difference between the right amount and the wrong amount as follows:

Difference = Right amount – Wrong amount = $272 - $227 = $45

Therefore, the difference of $45 will be added to the book balance to bring it into an agreement with the bank treatment as follows:

Bank correct treatment = $272

New book treatment = Wrong amount + Difference = $227 + $45 = $272  

It can now be seen that both posting are now in agreement after the correction.

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What is the difference between a supply chain and supply chain management?
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Answer:

A supply chain is the system put in place to move a good or service, from a provider, to the final customer.

Supply chain management is the process of managing the supply chain.

Five key issues in supply chain management:

  • Upstream supply management: upstream supply refers to the acquisition of raw materials. Management has to find reliable upstream suppliers that offer a good balance between quality and price. For example, a paper-producing firm has to find a good timber and pulp company to operate.
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  • Product development: if a firm is new in the market, it has to provide a product or service, and product development is the first stage, before the company can move on to supply chain management. Companies already in the market should also try to develop new products and services to stay competitive. Amazon again, is well known for product development, offering new goods and services each year.
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4 years ago
If Scotland becomes an independent country, how would the arrangement of nationalities in the British Isles change?
Simora [160]

Answer:

If Scotland becomes an independent country, the arrangements of nationalities in the British Isles will change like that:

  • The Scotland will face the same situation as those in Northern Ireland where they feel close to UK and Republic of Ireland.

Explanation:

  • If Scotland becomes an independent country, then it is supposed that the wales will follow them.
  • If Scotland becomes an independent country, then there is chance of increase in members of EU and will have its impact upon Eurozone.
  • If Scotland becomes an independent country then it will create a huge impact on the national debt of the United Kingdom.
  • If Scotland becomes an independent country, then there is chance you may have to get a visa to go to Scotland and you may have to dial international dialing tone to ring Scotland.
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3 years ago
An appraiser valued a subsidiary of Signal Co. at between $230 million and $260 million. One month later, Burmah Oil offered to
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Answer:

No, because they violated the duty of care

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Business judgement rule is a provision that protects the management of a business from frivolous legal action concerning the way it does business.

The court assumes that the management acts in good faith in its fiduciary role, standard of loyalty, prudence, and care.

Duty of care is breached when the management do not make reasonable effort to prevent injury or loss.

In this instance Signal board is not protected by the business judgement rule because they violated duty of care.

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Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted bas
zavuch27 [327]

Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000

Explanation:

As given in the question

  • <u>Emma and Laine form the equal EL Partnership.</u>
  • <u>Emma contributes cash of $100,000 in EL Partnership</u>
  • <u>Laine contributes property with an adjusted basis of $40,000</u>

1)How much gain, if any, must Emma recognize on the transfer

<u>Ans: Neither Emma nor Laine ,none of them recognize any gain.</u>

2) What is Emma's basis in her partnership interest

<u>Ans:</u><u>Emma basis in her patnership interest is $100,000 </u>

3) What is Laine's basis in her partnership interest

<u>Ans: Laine's basis in her partnership interest is $40000</u>

4) What basis does the partnership take in the property transferred by Laine

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