The Fed's use of open market operations affects banks

On October 31, Year 1, A company general ledger shows a checking account balance of $8,445. The company’s cash receipts for the

slamgirl [31]

Answer:

Balance as per cash book $ 8,445

Adjustments to be recorded in cash book

Less: Bank Service Fees $ ( 310)

Add: Note receivable $ 6,600

Add: Interest earned $ 1,120

Adjusted cash balance $ 15,855

Balance as per bank statement $ 12,895

Add: Deposits in transit ( $ 74,640 - $ 71,375) $ 3,265

Less: Unpresented cheques ( $ 72515- 71270) $ (1,245)

Add: Correction of error $ 940

Adjusted bank balance $ 15,855

Explanation:

For cash book, the adjustments that have to be recorded are the bank service fees, collection of notes and interest.

For bank statements, the adjustments that have to be recorded are the deposits in transits ( collections not deposited). unpresented cheques ( cheques issued but not presented) and the correction of the wrong entry.

3 0

3 years ago

some organizations have platforms that allow employees to provide an anonymous feedback about the organ Behavior colleagues and

cestrela7 [59]

The platforms that gives an employees an opportunity to provide an anonymous feedback about the colleagues behavior is known as whistleblowing platform.

<h3>What is whistle-blowing?</h3>

In a formal setting, a whistle-blow refers to a platform that allows people to tell authorities that the some people or group one is working for are doing something immoral or illegal.

In conclusion, this platform ensures a protection of whistle-blower nevertheless.

Read more about whistle-blower

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3 0

2 years ago

Performance evaluations for the purpose of determining compensation and special rewards should focus on?

Rainbow [258]

Performance evaluations for the purpose of determining compensation and special rewards should focus on activities and results related to the salesperson's current job and situation.

Performance Evaluation is defined as a formal and productive procedure to measure an employee's work and results based on their job responsibilities. Although the specific criteria depend on the characteristics of a particular selling situation, comprehensive evaluations of salesperson performance require that four dimensions be addressed: behavioral, professional development, results, and profitability criteria. System of review and evaluation of job performance. Assesses accomplishments and designs plans for development. Purposes for Performance Appraisal. Performance evaluations should always be based on the actual job description.

To learn more about Performance evaluations here

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7 0

1 year ago

Concepts for Analysis 24-3 (Essay) Presented below are three independent situations.

Helga [31]

Answer:1. Make provision for warranty claims.

2. Disclosure of contingent liability

3. No cost should be recorded.

Explanation:

Warranty is an assurance made by firms to make good any agreed loss that is incurred by the customers in usage of goods and services whiting the period of the warranty. Since an estimation can be made based on firms history of sales a provision has to be made for possible warranty.

Since it's only probably that a loss will be Incurred by the firm by going into the contract and the financial statement has not been issue the firm should made a contingent liability disclosure in the report.

The self insurance is not a contract with a third party, in this vein no cost will be accrued until the loss is actually suffered.

6 0

3 years ago

Which of the following statements is FALSE?A. The income statement is put together at a specific point in time (end of a busine

skelet666 [1.2K]

Answer:

C. Depreciation is a current expense of a cash outflow in the current period.

FALSE depreciation is a deferral expense it do not related t oa cash flow

Explanation:

A. The income statement is put together at a specific point in time (end of a business quarter, or business year) and so the sale could be in one period and the cash received in another period.

CORRECT income statement end at a certain date and include transaction under accrual accounting which doesn't relate to cash disbursements or collection

B. The income statement contains the set of expenses associated with the products or services sold during the current operating period, with those expenses not associated with current cash flow labeled as nonminuscash expense items

CORRECT It works with accrual accounting

D. Companies depreciate fixed assets (such as office furniture, equipment, machinery, and buildings) over an assigned time period, but the initial cash outlay for the fixed asset typically occurs at the time the asset is acquired by the firm.

CORRECT the cash disbursements occurs at time zero. Then, the accounting distributes this over several period to decrease the impact in the first period

5 0

3 years ago