Answer:
Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin
Answer:
Adjusted cash balance : $25850
Explanation:
The goal of a reconciliation statement is to ascertain the differences between the banks records and the depositor’s records and make accounting changes as deemed appropriate. There is a general flow that is used to make the correcting entries:
1. The process flow starts with the bank’s ending cash balance
2. Add any deposits made by the company to the bank that are in transit
3. Deduct any cheques that are uncleared by the bank
4. Add or deduct any other differences available as necessary
5. In the company bank records, once again start with the ending balance
6. Add interests earned
7. Deduct any bank service fees, penalties and NSF (Non-Sufficient Funds) cheques.
8. Add or deduct any other differences available as necessary
At the end of this process, it is likely that both accounts would be equal and tally.
Please refer attached table for details on the calculation.
Answer:
a. No. A state court will do a better job in this case because it exercises unlimited jurisdiction. Moreover, you can only bring your case to a federal court if the amount of your claim is up to $75,000 or the issue is exclusive to the federal court. This is not the case here.
b. Yes and No. We need some additional information about the accident location to help answer this question definitively.
c. No. You should not consider accepting the offered settlement. The jury award is meant to pay for your medical bills and also to help you recover financially as though the accident did not happen in the first place. Accepting any lesser amount after the judgment is rendered is in bad taste. The other party should have negotiated to settle out of court before the final judgment was rendered. But it did not. So, go with the jury award.
Explanation:
a) Data and Calculations:
Missed work for 15 weeks
Total medical bills incurred = $50,000
Total lost wages incurred = $15,000
Jury award = $100,000 ($50,000 for medical, $15,000 for lost wages and $35,000 for punitive damages)
Settlement offer = $50,000
<span>Cash equivalents, the investments securities that are for short-term investing, and they have high credit quality and are highly liquid. Cash equivalents, also known as "cash and equivalents," are one of the three main asset classes, along with stocks and bonds. Cash equivalents also serve as one of the most important health indicators of a company's financial system.</span>
