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avanturin [10]
3 years ago
7

Harris Company had checks outstanding totaling $15,400 on its May bank reconciliation. In June, Harris Company issued checks tot

aling $64,900. The June bank statement shows that $37,600 in checks cleared the bank in June. A check from one of Harris Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Harris Company's June bank reconciliation should be
Business
1 answer:
Stels [109]3 years ago
3 0

Answer:

The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.

Explanation:

Outstanding amount of checks issued = Checks outstanding in beginning of June + Checks issued during the month of June - Checks cleared in June

= $15400  + $64900  - $37600

= $42700

Therefore, The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.

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A standing bill is one that has been passed as a law.<br> a. True<br> b. False
Charra [1.4K]
It is true that a standing bill been passed


7 0
3 years ago
Read 2 more answers
Which of the following statements about the price elasticity of demand is correct The absolute value of the elasticity of demand
notsponge [240]

Answer:

Demand is more elastic in the long run than it is in the short run

Explanation:

Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Demand is more elastic in the long run than it is in the short run because in the long run consumers have more time to search for suitable substitutes.

When the absolute value of elasticity of demand is less than one, demand is inelastic.

When the absolute value of elasticity of demand is equal to one, demand is unitary.

When the absolute value of elasticity of demand is greater than one, demand is elastic.

Demand is less elastic the smaller the percentage of the consumer's budget the item takes up. 

The elasticity of demand for a specific brand of good doesn't translate into the elasticity of demand for the good.

I hope my answer helps you

4 0
3 years ago
Suppose the marginal propensity to consume is equal to 0.75. If the government lowers tax rates and tax revenue falls by $100 mi
vovikov84 [41]

Answer:

$100; $75

Explanation:

Given that:

  • Tax revenue falls by 100 million dollars
  • marginal propensity to consume (MPC) is 0.75.

Due to the fall in tax revenue, disposable income will increase by the same amount, that is, $100 million.

Consuption spending will initially increase by $75 million, as shown below:

= MPC × tax revenue fall

= 0.75 × $100,000,000 = $75,000,000

6 0
3 years ago
Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Ama
Kryger [21]

Explanation:

The Journal entry is given below:-

1 January 2020             No Entry

31 December 2020       Compensation Expense Dr,         6,580

                                              To, Paid-In-Capital                         6,580

(Being the compensation expense stock-option plan is recorded)

Working Note:-

Compensation Expense

= $7 × 4,700 ÷ 5

= $7 × 940

= $6,580

7 0
2 years ago
A machine that cost $225,000 has an estimated residual value of $15,000 and an estimated useful life of 15,000 machine hours. Th
algol [13]

Answer:

$57,000

Explanation:

<u><em>Step 1 : Depreciation Rate</em></u>

Depreciation Rate = (Cost - Residual Value) ÷ Estimated Production

therefore,

Depreciation Rate = $14.00 per machine hour

<u><em>Step 2 : Depreciation expenses</em></u>

Depreciation expense = Depreciation Rate x Annual production

therefore

Year 1 = $42,000

Year 2 = $56,000

Year 3 = $70,000

Total    = $168,000

<em><u>Step 3 : Book Value</u></em>

Book Value = Cost - Accumulated Depreciation

                    = $225,000 - $168,000

                    = $57,000

Conclusion :

book value at the end of year 3 is $57,000

8 0
3 years ago
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