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3 years ago

How did the US find out about the missiles being set up in Cuba?

1 answer:

4 0

An American U-2 spy plane photographed nuclear missile sites being built by the Soviet Union on the island of Cuba.

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Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:

viktelen [127]

Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

a) Starting with cash book balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Cash book bal. at 31 Dec. yet to be reconciled 62,000

Add:

Collected note receivable from XYZ Corp 80,000

Less:

Dishonored NSF check (7,000)

Overdraft interest expense (1,320)

Bank service charge (60)

Adjusted cash balance at Dec 31  133,620 

b) Starting with bank statement balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Bank statement bal. at Dec 31 yet to reconciled 131,620

Add:

Cash deposited on December 9th yet be credited 85,000

Cash deposited on December 31 yet be credited 15,000

Check #52094 wrongly drawn 62,000

Less:

Outstanding checks 233 (83,000)

Outstanding checks 239 (77,000)

Adjusted bank statement balance at Dec. 31  133,620 

2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.

Date Accounts title & explanation DR ($) CR ($)

31 Dec 19 Cash 80,000

Note Receivable 78,049

Interest on note receivable 1,951

(To record note receivable & int. collected from XYZ)

31 Dec 19 Overdraft interest expense 1,320

Service charge 60

Cash 1,380

(To record interest expense and bank charges)

31 Dec 19 Account Receivable 7,000

Cash 7,000

(To record NSF check dishonored)

Download xlsx

3 0

3 years ago

Wonder Corporation declared a common stock dividend to all shareholders of record on September 30, 20X3. Shareholders will recei

lesantik [10]

Answer:

C. $0 dividend income and a tax basis in the new stock of $56.25 per share

Explanation:

Existing tax basis

= 300 shares * $90

= $27,000

Latest stocks attributable to stock dividend to be given to Diana,

= 300 * 3/5

= 180

Therefore the total number of shares will be, after dividend,

= 180 + 300

= 480

So new tax basis per share

=27,000 / 480

= $56.25

7 0

2 years ago

jayda started a corporation that creates software products for clients. which statement correctly reflects jayde's role in the c

HACTEHA [7]

Answer:

good for herlelellelelel

4 0

3 years ago

Read 2 more answers

Allowance for Doubtful Accounts has a debit balance of $2,300 at the end of the year (before adjustment). The company prepares a

Alina [70]

Answer:

d. Debit Bad Debt Expense, $34,200; credit Allowance for Doubtful Accounts, $34,200

Explanation:

allowance balance 2,300 debit

estimated uncollectible accounts 31,900 credit

adjustment needed 34,200 credit

We need to adjust the allowance to our estimated uncollectible account. Currently, it has 2,300 debit balance. We need to increase it to 31,900

If we think it in two steps:

We need to credit by 2,300 to have zero balance,

and then 31,900 to reach the expected uncollectible amount

in total a credit for 34,200 needs to be done

The adjusting entry will be:

bad debt expense 34,200 debit

allowance for doubtful accounts 34,200 credit

8 0

2 years ago

Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands,

MrRissso [65]

Answer:

2022 2021

EPS $1.12 $0.99

Explanation:

EPS = NET INCOME / no of shares outstanding

= $75801000/68000000 =1.12 (2022)

= $68855000/ 69820000= 0.99 (2021)

3 0

2 years ago