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 journal entries are shown below:
a. No journal entry required
b. Miscellaneous expense A/c Dr $16
To Cash A/c $16
(Being service charges is paid)
c. Cash A/c Dr $9 ($476 - $467)
To Utilities expense A/c $9
(Being correction is recorded)
d. No journal entry required
The preparation of the bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:
I do believe that gifts to a spouse are exempt from any gift tax. So $0 is taxable.
Answer:
Mutual Funds are simply a way to pool money together and buy more stocks. You invest into a mutual fund along with many other people. Then your pooled money is invested by the manager of the mutual fund. They are generally conisdered safe as they are run by "stock gurus".
C. No, because his lowest balance so far this month has been $2989.30
<span>Start with 3202.93 and add 436.37 = 3639.30 </span>
<span>Then take 650 away (3639.30 - 650 = 2989.20) </span>
<span>It says that he must maintain a minimum of 3000 so when the check cleared he went below this amount. (just verified on apex)
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Answer:
1- B. Expense will be $140,000 and liability will be $250,000
2- d. $250,000
3- d. $250,000
Explanation:
The expense will be $140,000 which is calculated by year 1 and year 2 percent filled. The calculation is as follows:
Year 2 liability : $1,000,000 * 25% = $250,000
Year 1 liability : $1,000,000 * 11% = $110,000
Year 2 expense = $140,000.
