Answer:
See below
Explanation:
Bank reconciliation statement
1.
Bank balance statement
$67,666
Add:
Bank error
$530
Deduct:
Outstanding check
($138)
Adjusted bank balance
$68,058
Cash book balance
$68,189
Add:
Bank interest
$31
Deduct:
Safety deposit rental
($59)
Charge for checks
($103)
Adjusted cash balance
$68,058
2. Journal entries
March-31 Cash a/c Dr $530
To Bank errors Cr $530
March-31 Outstanding checks a/c Dr $138
To Cash Cr $138
March-31 Miscellaneous expense a/c Dr $162
To Cash Cr $162
March-31 Cash a/c Dr $31
To Interest revenue Cr $31
Answer:
$490,000
Explanation:
The computation of the bad debt expense is shown below:
= Account receivable + (Gross Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)
= $650,000 + ($18,000,000 × 2%) - ($520,000)
= $650,000 + $360,000 - $520,000
= $490,000
We simply added the estimated amount and deduct the credit balance to the account receivable so that the accurate amount can come
Answer:
The FICA tax consists of Social Security tax and Medicare tax.
Explanation:
FICA is the acronym for the Federal Insurance Contributions Act, a federal law that establishes that both employers and workers must pay a percentage of their earnings or salary to a federal fund destined to contribute to the federal social insurance fund, which includes within itself Social Security and Medicare programs, destined to provide social and health services to the most disadvantaged sectors of the American population such as disabled or retired people, among others.
Answer: Credit card statistics are a compilation of various usages of credit cards and debt ratio of consumers.
Explanation:
Every year, there is a new set of credit card statistics released to the public. These stats are based on credit card usage, age, debt ratio, credit worthiness, state and many other things.
In 2020, there were several companies who released credit card statistics such as credit card companies and even law firms. Included in these stats are the states with the highest credit card debt and the lowest credit card debt.
Here is a small list of things that are included on the stats;
- Credit Card Debt by Income Level
- Chart: Credit Card Debt by Generation
-
Chart: Credit Card Debt by Age
-
Credit Card Debt by State
- States With the Lowest Average Credit Card Debt
- States with the Highest Average Credit Card Debt
