Answer:
$29,280
Explanation:
It is important to consider only cash transactions when preparing a Cash Reconciliation.
<u>Schultz Tax Services Cash Reconciliation</u>
Cash, June 1 $25,000
<u>Plus: cash receipts for June</u>
Receipts for Accounting Services $3,000
Receipts from Accounts Receivables $3,800 $6,800
<u>Minus: cash payments for June</u>
Advertising expense paid $800
Dividends paid $1,500
Telephone expense paid $220 ($2,520)
Cash, June 30 $29,280
Conclusion :
The balance of Cash at June 30 is $29,280
Answer:
B) firms reduce hours before laying off when the economy is in recession, and increase hours before hiring when the economy expands.
Explanation:
In the case when the output falls so the workers would not be laid off in a direct manner. In the first time the labor would be decreased so that the demand could be analyzed. The same would be happen in that case also where the growth picked up
Therefore in the given case, the option B is correct
And the other options are wrong
Answer:
27.14 months
Explanation:
to calculate how long it will take to pay the loan, we can use an excel spreadsheet and the NPER function:
=NPER(rate,payment,-loan)
- payment = 630
- rate = 1.03
- loan balance = 14,850
=NPER(1.03%,630,14850) = 27.14 months
Answer:
1. Why is this an operating lease for Child Company?
The life of the asset is 10 years while the lease is only 3 years long, so it cannot be classified as a financial lease.
2. What are the amounts of the right-of-use asset and lease liability that Child Company should report on its balance sheet at December 31, 20X1?
annual lease payment = $128,000 (ordinary annuity)
PVIFA, 9%, 3 periods = 2.5313
present value = $128,000 x 2.5313 = $324,006.40
3. How much lease expense should Child Company recognize in 20X1?
lease expense = PV of lease x interest rate = $324,006.40 x 9% = $29,160.58