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3 years ago

The amount of money that a worker's compensation claimant can recover

1 answer:

3 0

The amount of money that a worker's compensation claimant can recover is :
C. depends on whether the employer carried worker's compensation insurance

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If a check correctly written and paid by the bank for $408 is incorrectly recorded on the company's books for $480, the appropri

vodka [1.7K]

Answer:

The correct answer is add $72 to the book's balance.

Explanation:

Bank reconciliation is a way of identifying discrepancies between the cash book balance (company's books) and the bank balance (balance per bank statement). The discrepancies can be as a result of erroneous posting, deposit in transit, outstanding checks, etc.

In the instance of the question, there was an erroneous posting in the cash book of $72 ($480 - $408). Instead of crediting cash book by $408, it was rather credited by $480 - meaning that the credit was overstated by $72. To correct this erroneous posting, we have to add back $72 to the cash book balance.

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3 years ago

Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for

Kryger [21]

Answer:

Eller Equipment Co.

Income statement

Particular Amount($) Amount ($)

Sales revenue 940,000

Less: Cost of good sold (595,000)

Gross margin 345,000

Operating expenses

Salaries expenses 122,000

Operating expenses 65,000

Warranty expenses 9,200

Un-collectible account expenses 45,000

Depreciation expenses 3,000

Total operating expenses (244,200)

Operating income 100,800

Non-operating expenses

Interest revenue 6,200

Interest expenses (36,000)

Gain on sale of equipment 19,000

Total non-operating items (10,800)

Net Income $90,000

Balance Sheet

Assets Amount$

Current Assets

Cash 41,000

Accounts receivable 108,000

Less: Allowance for doubtful (19,000) 89,000

accounts

Merchandise inventory 101,000

Interest receivable 3600

Prepaid rent 38,000

Supplies 6,500

Notes receivable 32,500

Total current assets 311,600

Property Plant and Equipment

Equipment 243,000

Less: Accumulated depreciation (66,000) 177,000

Land 95,000

Total property plant and equipment 272,000

Total Assets 583,600

Liabilities and Stockholder Equity

Current liabilities

Account payable 55,000

Unearned revenue 47,000

Warranties payable 6,500

Interest payable 6,000

Salaries payable 68,000

Total current liabilities 182,500

Long-term liabilities

Notes payable 160,000

Total long-term liabilities 160,000

Stockholders equity

Common stock 110,000

Retained earning 131,100

Total stockholders equity 241,100

Total liabilities and stockholders equity $583,600

Workings

Retained earning = Beginning retained earning + Net income - Dividend

= 61,100 + 90,000 - 20,000

= 131,100

5 0

3 years ago

Jamie is 42 years old and received a $20,000 distribution for his roth ira established in 2009. at the time of distribution, the

Leviafan [203]

The rules for the Roth early distribution are as follows : Unless an exception applies, most distributions from a Roth IRA before the owner reaches age 59 1/2 will be subject to an "early withdrawal penalty" of 10% on the amount of the distribution. This is IF a person has kept the amount in the account for his required five year tax period rule. If this condition has been met, the total penalty would be $ 2000.00

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3 years ago

On October 31, 2016, the following data was accumulated to assist the accountant in preparing the adjusting entries for Dependab

strojnjashka [21]

Journal entries record all transactions for a business. Transactions made on October 31, 2016 are recorder in the journal.

<h3>What is journal entry?</h3>

A journal entry is used to record a business transaction in the accounting records of a business.

The following journal entries are as follows-

A). Accounts Receivable Dr. $9,670

To Fees Earned Cr. $9,670

(Accrued fees earned)

B). Supplies Expenses Dr. $2270

To supplies Cr. $2270

(Supplies used $3,180- $910)

C). Wages expenses Dr. $1,220

To wages payable Cr. $1,220

(Accrued wages)

D). Unearned rent Dr. $3,160

To Rent revenue Cr. $3,160

(Rent earned 9,480/3 months)

E). Depreciation expenses Dr. $1,610

Accumulated Depreciation - Equipment $1,610

(Depreciation expenses)

Above mentioned are the journal entries to be made for Dependable Realty.

Learn more about the journal entries here:-

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3 0

1 year ago

What is a credit union?

KIM [24]

D.) A cooperative lending institution for a particular group.

Typically, you must be a member to participate in a credit union.

4 0

3 years ago

Read 2 more answers