Answer:
Explanation:
1) Outstanding checks : a subtraction from the bank balance
2) Deposits in transit : an addition to the bank balance
3) NSF (Not Sufficient funds) checks : a subtraction from the book balance
4) Bank collection of our note receivable : an addition to the book balance
5) Interest earned on bank balance : an addition to the book balance
6) Service charge : a subtraction from the book balance
7) Book error : a subtraction from the book balance
8) Bank error : an addition to the bank balance
Answer:
the income earned is $39,900
Explanation:
The computation of the income earned is shown below:
As we know that
Margin (%) = Income earned ÷ Sales revenue
Therefore,
Income earned = Additional sales Margin percentage
= $570,000 × 7%
= $39,900
hence, the income earned is $39,900
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer:
$19,500
Explanation:
Given that,
Bob's outside basis in Freedom, LLC, = $10,000
One-fourth share of the LLC's debt = $2,500
Bob's 704(b) capital account = $17,000
Tom bought Bob's LLC interest = $17,000
Tom's outside basis be in Freedom, LLC:
= Amount paid for interest + share of LLC’s Debt
= $17,000 + $2,500
= $19,500
Thank you for the 5 points
