Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The outstanding deposits is computed below:
= Company cash receipts - bank deposited
= $74,620 - $71,370
= $3,250
And, the outstanding checks is computed below:
= Company written checks - Processed by bank
= $72,512 - $71,252
= $1,260
The preparation of the bank reconciliation statement on May 31 is presented in the spreadsheet. Kindly find the attachment below:
Answer:
a. Determine Gerald’s adjusted basis for the land and building.
Gerald's adjusted basis for gains:
- Land = $40,000
- Building = $110,000
Gerald's adjusted basis for loss:
- Land = $35,000
- Building = $90,000
The higher the basis, capital gains will be lower. But a lower adjusted basis for loss also decreases the amount of capital losses that can be reported if the asset is sold at a lower price.
b. Assume instead that the fair market value of the land was $87,000 and that of the building was $120,000. Determine Gerald’s adjusted basis for the land and building.
Since the fair market value of the gift is higher than the adjusted basis, then Gerald's adjusted basis will be equal to the FMV (for gains or losses):
- Land = $87,000
- Building = $120,000
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Answer:
In my opinion Jack believes in the efficiency wage theory. This theory states that an increase in wages will increase labor productivity, lower staff turnover and attract the best possible employees.
So when Jack increases his employees' salaries, their increased productivity will recoup the extra labor costs. At the end, Jack believes his profit will increase because of the higher wages he pays.
