Answer:
OD is the answer because a liability can become an asset once paid
Answer:
Pharaoh will reduce its cash balance by $1,130
None of the answer options was correct, maybe something was missing in the question like notes collected or other NSF checks.
Explanation:
Pharaoh Company's bank reconciliation:
balance per bank account $23,700
- outstanding checks ($4,800)
+ deposits in transit $7,750
<u>- NSF checks ($500) </u>
total $26,150
<u>- cash balance per books ($27,280)</u>
difference ($1,130)
In order to reconcile the bank account, we do not consider any bank service fees because they are already included in the bank balance. What we must consider are the NSF checks that we deposited and thought were good checks, but instead they bounced.
Answer and Explanation:
The computation is shown below:
<u>Particulars direct % Equivalent Conversion % Equivalent</u>
<u> material completion units Completion Units</u>
Beginning
WIP 1,020 100% 1,020 1,020 100% 1,020
Units
started 3,700 100% 3,700 3,700 100% 3,700
(7,200 - 3,500)
Ending
WIP 3,500 30% 1,050 3,500 40% 1,400
<u>Equivalent</u>
<u>units 5,770 6,120</u>
Corporations, entities that sold shares of partial ownership in exchange for capital, became more common as the concept of limited liability emerged.
<span>Incorrect Answer(s)</span>
