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3 years ago

Before the approving signature is made on a check the signer should verify that the?

1 answer:

3 0

Before the approving signature is made on a check, the signer should verify that the DOCUMENTATION HAS PROPER APPROVAL. A person who sign check for approval should ensure that he sights the documentations with which the concerned transaction was made in order to verify that the transaction actually take place and that the correct amount of money is being charged.

You might be interested in

According to the circular flow model, which of the following is notprovided by consumers?

andreev551 [17]

consumers don’t provide land

5 0

2 years ago

What is the expected value when a $1 lottery ticket is bought in which the purchaser wins exactly $10 million if the ticket cont

Nadusha1986 [10]

We expect to lose $0.37 per lottery ticket

Explanation:

six winning numbers from = { 1, 2, 3, ....., 50}

So, the probability of winning:

$P(win) = \frac{ no of favorable outcomes}{no of possible outcomes}$

$P(win) = \frac{1}{^5^0C_6} \\\\P (win) = \frac{6! X (50 - 6)!}{50!} \\\\P(win) = \frac{6! X 44!}{50!} \\\\P(win) = \frac{1}{15,890,700}$

The probability of losing would be:

P(loss) = 1 - P(win)

$P(loss) = 1 - \frac{1}{15,890,700} \\\\P(loss) = \frac{15,890,699}{15,890,700}$

According to the question,

When we win, then we gain $10 million and lose the cost of the lottery ticket.

So,

$10,000,000 - 1 = $9,999,999

When we lose, then we lose the cost of the lottery ticket = $1

The expected value is the sum of the product of each possibility x with its probability P(x):

E(x) = ∑ xP(x)

$= 9,999,999 X \frac{1}{15,890,700} + ( -1 ) X \frac{15,890,699}{15,890,700} \\\\=- \frac{5,890,700}{15,890,700} \\\\= - \frac{58,907}{158,907} \\\\= - 0.37$

Thus, we expect to lose $0.37 per lottery ticket

7 0

3 years ago

Mr. Boyd and Ms. Tuck decide to form a new corporation named BT Inc. Mr. Boyd transfers $10,000 cash and business inventory ($20

kicyunya [14]

Answer:

1. Mr Boyd's share = 400, Ms Tuck = 800

2. Mr Boyd's realised gain = $16,800, recognized gain = $0, basis = $13200

Ms Tuck's realized gain = $18500, gain recognized = 0, basis = $41500

Explanation:

Total share = $1200

Cash received from Mr Boyd = 10000

FMV from him = 20000

Total value = 30000

FMV of equipment from Ms Tuck = 60000

Total value from both of them = 60000 + 30000 = $90000

Number of share Mr Boyd is to receive = 1200x(30000/90000)

= 400

Number of share Ms Tuck is to receive

= 1200x(60000/90000)

= 800

Mr Boyd's gains

Cash received = 10000

FMV = 20000

Total = 30000

Adjusted basis = 3200

Total tax basis = 10000+3200

Gain realized = 30000-13200

= 16800

Gain realized = 0 because it is a non taxable exchange.

Mr Boyd's realised gain = $16800, recognised gain = $0, basis = $13200

Ms Tuck

FMV = 60000

Adjusted tax basis = 41500

Gain realized = 60000-41500

= 18500

Gain recognized = 0(non taxable exchange)

Ms Tuck's realized gain = $18500, recognized gain = $0, basis = $41500

the FMV basis of inventory = 20000

carryover basis = 3200

equipment basis FMV = 60000

carryover basis = 41500

note that no gain if equal to or more than 80 percent of the ownership of the stock in a non taxable exchange.

6 0

3 years ago

Your grandmother recently surprised you and gave you $15,000 expressly for the purpose of starting your retirement savings. Her

qaws [65]

Answer:

A. $115,291.30

B. $421,536.55

C. $1,471,502.67

Explanation:

The expression that describes the final amount of a $15,000 investment compounded annually for 35 years is:

$A = \$15,000*(1+i)^{35}$

A. 6% per year

i = 0.06

$A = \$15,000*(1+0.06)^{35}\\A = \$115,291.30$

B. 10% per year

i = 0.10

$A = \$15,000*(1+0.10)^{35}\\A = \$421,536.55$

C. 14% per year

i = 0.14

$A = \$15,000*(1+0.14)^{35}\\A = \$1,471,502.67$

3 0

3 years ago

A firm is planning to manufacture a new product. As the selling price is increased, the quantity that can be sold decreases. Num

Oduvanchick [21]

Answer:

Profit Maximising Quantity = 775

Explanation:

Price P = 35 - 0.02Q

Total Revenue TR = Price x Quantity = P X Q

= (35 - 0.02Q)(Q) = 35Q - 0.02Q^2

Total Cost TC = 8000 + 4Q

Profit = TR - TC

[35Q - 0.02Q^2] - [8000+4Q] = 35Q - 0.02Q^2 - 8000 - 4Q

Profit Function = - 0.02Q^2 + 31Q - 8000

To find out profit maximising Quantity , we will differentiate Profit Function with respect to Q & equate it to 0.

dTR/ dQ = -0.04Q + 31 = 0

Q = 31/0.04 = 775

To verify whether 775 is profit maximising Q, we will do second derivative & check that it is negative.

d^2TR/ dQ^2 = -0.04 i.e < 0 (negative)

So 775 is profit maximising quantity

5 0

2 years ago