In Bank reconciliation statement the balances of Bank statement and the Balance from cash register is adjusted to calculated the adjusted cash balance for reporting at the end of the period. This is due to some outstanding deposits and Payment and other experiences which makes a difference between the bank statement balance and cash register balance.

Cash balance per bank = $7,310

Outstanding checks are those check which has been issued but not been presented in the bank yet. Deposit in transit is the amount of deposit which is pending in the clearing process.

Adjusted Balance = Cash Balance per bank - Outstanding Checks + Deposit in transit = $7,310 - $715 + $1,305 = $7,900

Bank charges are already adjusted in the cash balance per bank.

5 0

2 years ago

Congress would like to increase tax revenues by 10 percent. Assume that the average taxpayer in the United States earns $65,000

SSSSS [86.1K]

Answer: 16.5% is the average tax rate that will result in a 10 percent increase in tax revenues.

Explanation:

This is an example of static forecasting since no time parameter is involved.

Now,

Let initial revenue be "R" ,

"n" be no. of taxpayer

∴ R= 65000×0.15×n

R +0.1R= 65000×rate×n

Using the above two equation, we'll get ;

r = 16.5%

7 0

3 years ago

Most common forms of financial exchange

Sedaia [141]

Cash , Credit and debit

7 0

3 years ago