Answer:
Option (3) $1,245
Explanation:
Data provided in the question:
General ledger checking account balance = $1,360
Bank balance on bank statement = $1445
Deposits in transit = $150
Outstanding checks = $350
Bank statement service charges = $30
NSF checks = $85
Now,
The Correct cash balance will be
Bank balance on bank statement $1,445
Add : Back deposits in transit $150
Subtract : Outstanding checks $350
----------------------------------------------------------------------------------------------------
Correct balance $1,245
Hence,
Option (3) $1,245
A. leaving how the work gets done and by whom up to the staff
Answer:
Dr cash $3 914 000 Cr bond premium $114 000 cr Bonds payable $3800000
Explanation:
Bond sold at a premium
$3800000(103%)=$3 914 000
Bond premium =Bond sold at Premium-Par value bonds
$3 914 000-$3 800 00=$114 000
then the par value bond =$3800000
Answer:
D) Materiality is a matter of professional judgement
Explanation:
Answer:
$9,240 loss recognized
$43,000 basis
Explanation:
Tax basis of share purchase is the cost of share together with any tax related to this purchase.
Mr. Slake's loss recognized on the February 13 sale is $9,240 = total cost of 1,580 share purchased in the past - total amount collected from sales of these share = $49,240 - $40,000 = $9,240
His tax basis in purchase of 1,600 shares on Mar 2 is $43,000, the total cost he paid to acquire 1,600 shares
