Answer:
$0
Explanation:
Since the difference between Krete's total tax liability and her retained taxes was lower than $1,000 (= $16,500 - $16,300 = $200), then she shouldn't be fined for underpayment of estimated taxes. She is still responsible for paying a penalty for the $200 that she didn't pay by April 15, but this penalty is a different one (Krete will be fined for paying late).
Answer:
$50,000, because that is the largest amount that the insurance company can cover per accident.
Explanation:
The PAP limit of 25/50/10 means that
- the maximum payable per injured person is $25,000
- the maximum payable to all injured people per accident is $50,000
- the maximum payable for property damage per accident is $10,000
Answer:
The adjusted cash balance per bank at July 31 is $8,615.
Explanation:
Outstanding checks are the ones which the business has issued and recorded, but which the bank has not yet cleared. Hence, Sandhill Co. should deduct this amount from the cash balance per bank.
Deposits in transit are the deposits that are received and recorded by the business, but which the bank has not yet processed. Hence, Sandhill Co. should add this amount to its cash balance per bank.
The bank service charge is already accounted for in the cash balance per bank and requires no further treatment.
Therefore,
Initial cash balance per bank $8,140
Less: Outstanding checks ($770)
Add: Deposits in transit $1,245
Adjusted cash balance per bank $8,615