Answer:
Adjusted cash balance as per books = $11,100
Explanation:
Given Cash balance as per books = $9,400
Add: Deposits in transit that is deducted by us but not added by bank thus added = $9,400 + $1,100 = $10,500
Add: Notes Receivables collected by bank but not added in books = $10,500 + $2,500 = $13,000
Less: Bank Service Charges as not deducted in books = $13,000 - $50 = $12,950
Less: Outstanding Checks as yet not cleared = $12,950 - $1,450 = $11,500
Less: NSF check as not received by bank = $11,500 - $400 = $11,100
Adjusted cash balance as per books = $11,100
Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid
What is liability?
Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.
In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.
The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.
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Missing options:
(A) assets. (B) liabilities. (C) salary expense. (D) revenue.
The purpose of this assignment is the creation of a research analysis. Every day, consumers make millions of decisions that impact the marketplace and influence firms' decisions. Firms use economic concepts, models, and other "tools" of economics to help determine pricing, output, and profit maximization. As an MBA student of economics, you can apply the "tools" of economics to microeconomic and macroeconomic data to create recommendations for how firms can maximize revenue, profit and market share.
Complete Question:
When preparing the financial analysis for a business plan, the required statements and schedules will depend on the:
Group of answer choices
A. size of the particular project.
B. plan's presentation procedure that is expected in your own organization.
C. project's complexity.
D. All of these are correct.
Answer:
D. All of these are correct.
Explanation:
Financial analysis can be defined as the process of analyzing the stability, profitability, accuracy and viability of a business entity through its financial statements.
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
Hence, when preparing the financial analysis for a business plan, the required statements and schedules will depend on the following;
A. size of the particular project.
B. plan's presentation procedure that is expected in your own organization.
C. project's complexity.
Answer:
a. True
Explanation:
Based on the information given the required adjusting journal entry will includes a $4,000 DEBIT TO UNEARNED REVENUE reason been that we were told that the company carried out 20 days of work out of 30-day contract before the end of the year which means that the company has earned an UNEARNED REVENUE by the end of the year of the amount of $4,000 calculated as ($6,000 * 20 days /30 days) which is why the adjusting Journal entry would includes a $4,000 DEBIT TO UNEARNED REVENUE.
