Answer: The correct answer is "(A) Debit Accounts Receivable and credit Cash for $560".
Explanation: The non-existent 560 must be adjusted in the cash account, and the 560 receivable must be added to the third party that issued the check in the "accounts receivable" account.
The entry would be:
--------------------------------- . ------------------------------------------
Accounts Receivable 560
Cash 560
--------------------------------- . --------------------------------------------
Answer:
Payroll deductions include: Payroll tax withholdings such as fedral, state, and local income taxes, social security taxes, unemployment taxes; Voluntary deductions such as contributions to a pension plan, premium for group life.
Answer:
Which is a short-term consequence of making a late payment on your bill? There will be a late fee added to the bill.
Answer: the correct answer is a disclosure of $20,000
Explanation:
The annual preferred stock dividend is $15,000 = 3,000 x $100 x 5%. Total dividends in arrears at the end of 20X3 are therefore $20,000 = 2 years x $15,000 - $10,000 paid.
Dividends in arrears are footnoted only. They are not recognized as a liability until they are declared.
Answer:
Total Check-able deposits to increase by $333.5 billion
Explanation:
If the bank reserves increase by $50 billion, the total check-able deposits will increase by 50 * the credit multiplier.
Credit multiplier is the measure by which an increase in total money supply can be measured relative to an increase in banks' excess reserves.
Credit Multiplier = 1 / reserve ratio
Credit Multiplier = 1 / 0.15 = 6.67
So an increase in excess reserves of 50 billion will have a net effect of 50 * 6.67 = $333.5 billion. This will be the net increase in total check-able deposits or the money supply.
Hope that helps.
