Answer:
Bank reconciliation for Candace Co. for May 31
Amount in $ Amount in $
Balance per Bank statement 2,936
Less;
Outstanding checks (465)
Add;
Deposits in transit 655
Bank charge 50
Erroneous check to supplier <u> 18</u> <u> 723</u>
Balance per cash account <u>3,194 </u>
Explanation:
The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.
These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.
The outstanding checks has been deducted from the cash book hence it will be deducted from the bank statement balance in the reconciliation statement.
The bank charges is yet to be recorded in the cash books as a deduction hence it will be added back to the bank statement balance in the reconciliation statement.
The bank deposit has been recorded as an inflow in the cash balance hence it will be added to the bank balance in the reconciliation statement.
The erroneous check amount difference
= $97 - $79
= $18
This will be added to the banks balance as it has been underdeducted in the cash balance in the reconciliation statement.
Answer:
D. $5
Explanation:
Accountants calculate only explicit costs, or costs that are directly attributed to the process. (This is different than how an economist would calculate costs, because economists would also include the implicit costs such as the opportunity cost of the wages Walter could be earning at the store if he wasn't making bird houses).
Um I think it’s number 4.
Answer:
The correct answer is letter "A": Felipe is the owner of the deposits because they became his personal property upon quarry.
Explanation:
In real estate, the chain of title is the document where all the legal owners of a property are registered. This document also includes information if there are minerals below the surface and to whom they belong in case of the purchase of the property. If in the sale contract that information is not specified and there is no clause denying the ownership of minerals to the buyer if found any, the seller is not necessarily the owner of those minerals.
Therefore, if the purchaser quarries minerals found below the surface of property bought, the minerals would belong to the purchaser upon extraction since they became personal property.
Answer:
Answers a., b., and c. would all work as valid answers.