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Leto [7]
3 years ago
7

The balance in Happ Inc.’s general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 bala

nce shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6,200; bank service charges, $120; NSF check written by a customer and returned with the bank statement, $2,850; outstanding checks, $1,280; and interest credited to the account during September but not recorded on the company’s books, $90.
Prepare a Bank reconciliation as of September 30 for Happ Inc.

Business
1 answer:
Dafna1 [17]3 years ago
7 0

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The preparation of the  bank reconciliation statement on September 30  is presented in the spreadsheet. Kindly find the attachment below:

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The authoritative body designated to promulgate standards concerning an accountant’s association with unaudited financial stat
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The authoritative body designated to promulgate standards concerning an accountant's association with unaudited financial statements of an entity that is not required to file financial statements with an agency regulating the issuance of the entity's securities is the: <u>accounting and review services committee</u>.

<u>Explanation</u>:

The Accounting and Review Services Committee is a committee that engages in reviewing or compiling the unaudited financial statement.

An unaudited financial statement is a document that is not submitted by an individual for verification and review process. The financial statement is said to be unaudited until they are reviewed and approved by a certified external auditor.

The accounting and review services committee are responsible for promulgating standards regarding accountant association. The auditor helps in reviewing the financial statement of the individual.

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3 years ago
Which of the following is NOT a real option?a. The option to buy shares of stock if its price goes up.b. The option to expand in
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Answer: A. The option to buy shares of stock if its price goes up.

Explanation: Among the above options the less real option is " to buy shares of stock if its price goes up". It is advisable by brokers to buy shares of stock when the prices are down and sell when the prices are up in order to make profit.

The other options are more real, because expansion of a business in a new geographic region will yield more profits. Abandoning a failed business project is advisable and switching from one type of fuel to another is done based on preference and cost.

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3 years ago
You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $690,000 per ye
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Please see attachment

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3 years ago
In May of 2021, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2021, the environm
Natasha2012 [34]

Answer:

$882,000

Explanation:

According to IAS 37, Provisions, contingent liability and contingent assets,  A provision is a liability of uncertain timing or amount. The liability may be a legal obligation or a constructive obligation.

An entity recognises a provision if it is probable that an outflow of cash or other economic resources will be required to settle the provision. Furthermore, the standard requires that a provision is measured at the amount that the entity would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time.

The amount to be accrued for is the settlement offer of $882,000 which was accepted before the financial statement was issued. This settles the uncertainty in the amount to be provided for.

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3 years ago
Which of the following statements about valuing a firm using the APV approach is most CORRECT A. The value of operations is calc
Alenkinab [10]

Answer:

D) The value of operations is calculated by discounting the horizon value, the tax shields, and the free cash flows before the horizon date at the unlevered cost of equity.

Explanation:

The adjusted present value method is very similar to the NPV method, but with some "adjustments". It determines the NPV of a project if it was financed solely with equity. Then it includes the tax benefits that could be obtained if the project was financed by debt. The benefits are basically lower taxes due to interest payments that reduce taxable income.

The APV  uses the company's WACC as the discount rate.

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