As of June 30 , Year 1 , the bank statement showed an ending balance of $30,500. The following information is available: 1. Deposit in transit: $10,300. 2. Outstanding check: $8,700. Required: Determine the true cash balance as of June 30
Answers
The true cash balance as of June 30, Year 1, is 32,100 after making adjustments for deposit in transit and outstanding check.
Bank Reconciliation:
Bank reconciliation is the process of comparing the balance in the bank statement to the company's balance sheet account for cash.
In general, the ending balance on the company's statement of cash flows will be the same as the ending balance on the bank's statement of cash flows.
The given information on bank balance and deposit in transit and outstanding check are as follows:
Ending Balance: 30,500
Deposit in Transit: 10,300
Outstanding check: 8,700
In order to determine the true cash balance as of June 30, we need to make adjustments for deposit in transit and outstanding check.
The adjustment is made as follows:
Adjustment for Deposit in Transit:
Add the deposit in transit of 10,300 to the ending balance of 30,500.
The adjusted balance is:
30,500 + 10,300 = 40,800
Adjustment for Outstanding check:
Deduct the outstanding check of 8,700 from the adjusted balance of 40,800.
The adjusted balance becomes:
40,800 - 8,700 = 32,100
Therefore, the true cash balance as of June 30, Year 1, is 32,100.
The process of comparing the balance in the bank statement to the company's balance sheet account for cash is referred to as bank reconciliation.
In general, the ending balance on the company's statement of cash flows will be the same as the ending balance on the bank's statement of cash flows.
In this case, the bank statement showed an ending balance of 30,500 as of June 30, Year 1, with deposit in transit of 10,300 and outstanding check of 8,700.
The true cash balance as of June 30, Year 1, can be determined by making adjustments for deposit in transit and outstanding check.
To adjust for deposit in transit, the deposit in transit amount of 10,300 is added to the ending balance of 30,500.
To adjust for the outstanding check, the outstanding check amount of 8,700 is deducted from the adjusted balance of 40,800.
The true cash balance as of June 30, Year 1, is 32,100 after making adjustments for deposit in transit and outstanding check.
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Related Questions
20 points on how globalization is good for the triple bottom line
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Answer:
t common questions I get as the founder and CEO is: Can a start-up delight customers, provide a great work culture, and see exceptional growth metrics? The answer is yes, you absolutely can.
I know this because at Globalization Partners we’ve done it—and part of our mission is to pass that know-how on to our customers. When I founded this company, my goal was to build a high-growth business that would enable anyone to hire employees anywhere, without the red tape traditionally associated with global expansion. But I also wanted to build a company people love— customers, business partners, and employees. Fast forward a few years and I’m happy to report we’ve had rocket-ship growth numbers, 96% of our customers say that they are “very satisfied” or “satisfied” with our services, but perhaps what makes me most proud is we’re also able to regularly win awards for our company culture. We haven’t had to make a trade off, and neither should you.
The secret to balancing this success is what I call the Triple Bottom Line: prioritizing happy customers, happy employees, and happy shareholders.
While a Triple Bottom Line may sound like an obvious formula for growth, it might also feel unrealistic. Its anathema to the typical blitz scaling mantra right now, which is “growth at all costs.” But the reality is, companies who focus only on growth end up underpaying people and treating customers so poorly that growth is ultimately unsustainable.
I wasn’t sure if the Triple Bottom Line would be achievable when I set out to build my business, but I knew I didn’t want to be in business any other way. Now, Globalization Partners is proof that the Triple Bottom Line is an exceptionally good strategy for growth.
Explanation:
What is the difference between a shift along a demand curve and a shift of a demand curve.
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Producers can create their maximum combination of goods, as long as they: a. Stay within the production possibility curve b. Use all of their available resources c. Produce goods that are in high demand d. None of the above
Answers
d. None of the above
Producers cannot create their maximum combination of goods solely based on staying within the production possibility curve, using all available resources, or producing goods that are in high demand.
a. Staying within the production possibility curve means operating at maximum efficiency, utilizing all available resources to produce goods and services. However, the production possibility curve represents the limits of production given the available resources and technology, so it does not guarantee the maximum combination of goods.
b. While using all available resources is important for efficient production, it does not guarantee the maximum combination of goods. Factors such as technological limitations, market demand, and resource allocation also play crucial roles.
c. Producing goods that are in high demand is essential for profitability, but it does not automatically result in the maximum combination of goods. Market demand fluctuates, and producers need to consider various factors like costs, competition, and consumer preferences when deciding their production mix.
To achieve the maximum combination of goods, producers must consider a range of factors, including available resources, production efficiency, market demand, profitability, and strategic decision-making.
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What is global trade?
A. When products, services, and money are exchanged between the United States and Canada
B. When products, services, and money are exchanged between different countries
C. When products, services, and money are exchanged within a single country
D. When products, services, and money are exchanged only between different cities in one state
Answers
Answer:
b
Explanation:
I know everything trust me
Answer:
I believe the answer is B
Identify how changes in the external environment may affect the operations management (om) strategy for a company. for example, what impact are the following factors likely to have on om strategy?
Answers
Therefore, changes in the external environment can affect various aspects of the OM strategy, including technology adoption, production capacity, supply chain management, compliance, cost control, and competitive positioning.
Changes in the external environment can have a significant impact on the operations management (OM) strategy of a company. Let's examine the potential effects of the following factors on the OM strategy:
1. Technological advancements: Advances in technology can lead to increased automation, improved efficiency, and enhanced quality control. Companies may need to invest in new equipment and systems to stay competitive and meet customer demands.
2. Market demand: Fluctuations in customer preferences and demand can influence the OM strategy. For instance, a sudden increase in demand may require the company to ramp up production or adjust its supply chain to ensure timely delivery.
3. Regulatory changes: Changes in regulations can affect production processes, safety standards, and environmental practices. Companies must adapt their OM strategy to comply with new regulations and avoid legal issues.
4. Economic conditions: Economic factors such as inflation, interest rates, and exchange rates can impact the cost of raw materials, transportation, and labor. A company's OM strategy may need to be adjusted to mitigate these cost fluctuations and maintain profitability.
5. Competitive landscape: Changes in the competitive environment, such as new entrants or shifts in market share, can influence the OM strategy. The company may need to focus on innovation, cost reduction, or differentiation to stay ahead in the market.
Changes in the external environment can affect various aspects of the OM strategy, including technology adoption, production capacity, supply chain management, compliance, cost control, and competitive positioning. Companies must continuously monitor and adapt their OM strategy to stay resilient and competitive in the ever-changing business landscape.
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heather is seeking to start a business. she is concerned with having enough money to start the business, even after taking a loan from the bank. she is interested specialization and still wants some control over the decisions. which form of business organization would be best to set up?
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Answer:
Partnership would be best
what is the value today of $3,500 per year, at a discount rate of 10 percent, if the first payment is received 6 years from today and the last payment is received 20 years from today?
Answers
Answer:
Present value (PV) is a financial concept that measures the current worth of a future sum of money or stream of cash flows. It is used to compare the value of money at different points in time and is often used in investment analysis, capital budgeting, and valuation.
Explanation:
To find the present value of a series of cash flows, you can use the formula:
PV = CF1 / (1+r)^1 + CF2 / (1+r)^2 + ... + CFn / (1+r)^n
where:
PV = present value
CF = cash flow
r = discount rate (10% in this case)
n = number of periods
In this case, the first payment is received 6 years from today, and the last payment is received 20 years from today, so the number of payments is 20-6 = 14 payments.
So the present value of the cash flows is:
PV = 3500 / (1+0.1)^1 + 3500 / (1+0.1)^2 + ... + 3500 / (1+0.1)^14
PV = $26,196.15
So the present value of $3,500 per year, at a discount rate of 10 percent, if the first payment is received 6 years from today and the last payment is received 20 years from today is $26,196.15
Calculate the missing items in the income statement. Dollar amounts indicated are in thousands. The "Income Tax" field also includes interest expense and other income and losses. Company Coreindi Co. Year Ended December 31, 20XX Revenue $9,475,353 Cost of Goods Sold ($) Gross Margin 4,934,607 Operating Expenses 3,104,687 Income before Taxes ($) Income Tax* ($) Net Income (loss) 1,069,744 *Also includes interest expense and other income and losses.
Answers
The missing items in the income statement are as follows:
Cost of Goods Sold (COGS): $4,540,746
Income before Taxes: $1,829,920
Income Tax: $760,176
To calculate the missing items in the income statement, we can start by filling in the income tax amount. The income tax field includes interest expense and other income and losses, so it represents the total tax liability of the company. To find this amount, we need to subtract the net income from the income before taxes.
Income before taxes can be calculated by subtracting the operating expenses from the gross margin. So, we have:
Income before Taxes = Gross Margin - Operating Expenses
Income before Taxes = $4,934,607 - $3,104,687
Income before Taxes = $1,829,920
Next, we can calculate the income tax by subtracting the net income from the income before taxes:
Income Tax = Income before Taxes - Net Income
Income Tax = $1,829,920 - $1,069,744
Income Tax = $760,176
Finally, we can calculate the cost of goods sold (COGS) by subtracting the gross margin from the revenue:
COGS = Revenue - Gross Margin
COGS = $9,475,353 - $4,934,607
COGS = $4,540,746
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In which tab can you find features like New Slide, Slide Layout, and Reset Slide?
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Answer:
in a techniol up coming
2. Answer the following questions about the letter:
a. Who is the sender of this letter? (1 point)
b. Who is the recipient of this letter? (1 point)
c. What is the purpose of this letter? (2 points)
Answers
Note that the letter referenced in this question is unavailable so we can look at an alternative. (See the attached.)
In this case:
The Sender is: James JohnThe recipient is the Manager at Sun Bank; andThe purpose of the letter is to apply for a job.What is a letter important?
A letter is important as it serves as a means of communication and helps convey thoughts, ideas, and information from one person to another.
A letter can be used for personal or official purposes and can play a significant role in establishing relationships, resolving conflicts, or making important decisions.
A well-written letter is an effective tool for conveying messages, as it allows for clear and concise communication, and provides a record of the message for future reference.
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To develop the main points for a speech on a question of value, you should ask
a а "How do you know?"
b. "Why is this good or bad?"
С "Why is true?"
d "How is this better than what we have now?"
Answers
Answer: B
Explanation:
Suppose you have three choices as to what to do for two hours on Sunday afternoon: work around the house, earning $3.50 an hour; baby-sit for your neighbor earning $10 an hour; or go to the movies and pay $6 for a ticket. You choose to go to the movies. What is your opportunity cost?
Answers
Answer:
the opportunity cost is in the case when you choose to go to the movies is $20
Explanation:
The computation of the opportunity cost is in the case when you choose to go to the movies is shown below:
= Earning per hour × number of hours
= $10 × 2 hours
= $20
Hence, the opportunity cost is in the case when you choose to go to the movies is $20
seller does not vacate property on the date stated in the contract. the seller is subject to:
Answers
If the seller does not vacate the property on the date stated in the contract, they are in breach of contract. The buyer has the right to take legal action against the seller for damages incurred due to the delay.
The contract will typically outline the consequences of a breach, including the possibility of the buyer terminating the contract and receiving a refund of their deposit. However, before taking any legal action, the buyer may want to try negotiating with the seller to determine if an extension or other solution can be reached. In any case, it's essential to consult with an attorney to understand your options and protect your rights as a buyer. In conclusion, if the seller fails to vacate the property on the date stated in the contract, the buyer has legal recourse available to them.
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Question :Which statement best describes displacement? Check all that apply
Answer:2 , 3 5
Answers
Answer:
2
Explanation:
thats my guess
Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?
Answers
Based on the provided information, the phase of the marketing plan that Garrett is working on, is Implementation.
What is marketing plan?
A marketing plan can be regarded as the advertising strategy that is been utilized by company in selling its product or service.
Therefore, he's working on Implementation by knows what the company plans to do.
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Uniontown Books began operating in 2011. The company lost money its first three years of operations, but has had an operating profit during the past two years. The company's operating income (EBIT) for its first five years was as follows: Year EBIT 2011 -$2,200,000 2012 -$2,000,000 2013 -$1,000,000 2014 $1,200,000 2015 $7,000,000 The company has no debt, and therefore, pays no interest expense. Its corporate tax rate has remained at 34% during this 5-year period. What was Uniontown's tax liability for 2015
Answers
Answer: $1,020,000
Explanation:
Uniontown's tax liability for 2015 will be calculated thus:
Firstly, we'll calculate the loss to be adjusted in 2015 which will be:
2011 = $1,000,000
2012 = $2,000,000
2013 = $1,000,000
Total = $4,000,000
The profit after the adjustment of loss will be:
= EBIT in 2015 - Adjusted loss
= $7,000,000 - $4,000,000
= $3,000,000
Since Corporate tax rate is 34%, then. The tax liability for 2015 will be:
= $3,000,000 × 34%
= $1,020,000
Therefore, Uniontown's tax liability for 2015 is $1,020,000.
Note that from the total loss of $2,200,000 in 2011, $1,000,000 is adjusted in later years as $1,200,000 is adjusted in 2014.
In the accounting equation, assets are equal to which two things?
A. Debits + equity
B. Debits + accounts
C. Liabilities + equity
D. Liabilities + accounts
Please select the best answer from the choices provided
A
B.
OOOO
С
D
Answers
Answer:
C. Liabilities + equity
Explanation:
Edg 2021 ...
Question 1 of 3
The bank limits deposits to $200 per day. Ash has $300
to deposit. What should she do?
Select a response.
A Make multiple deposits over a few days
B Not agree to the Terms and Conditions
Answers
According to the information provided, Ash should make several deposits spread out over a few days. Thus option A is correct.
Ash can divide the deposit into two separate transactions because the bank only allows deposits of $200 per day and she has $300 to deposit. She is permitted to deposit $200 on the first day and the final $100 on the second day.
She will be able to successfully complete her deposit and stay inside the bank's deposit cap with this method. The correct response is, "Make several deposits over a few days."
Therefore, option A is appropriate.
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Tim is 16 years old,a high school student, and lives with hi parents.He earned $5,200 and his part-time job. Select the best possible answer.(Only 1 answer)
Answers
Answer:
the second one
Explanation:
prettyu sure,
only can claim is tim parents and he has no other choice but to return the file tax return
Current tax laws allow Tim's parents to claim Tim as a dependent; Tim has the option to file a tax return
According to the IRS, Tim can be claimed as a dependent by his parents because:
He is their son He is a student who is younger than 23 He lives with his parentsHe also has the option but not the obligation to file a tax return because his gross income is less than $12,200 as a dependent.
In conclusion, Tim can be claimed as a dependent by his parents but he does not have to file a tax return.
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When opening an account What are the 3 things you need to do?
Answers
You must decide on a bank and give it the required documentation, such as identification and proof of address, in order to opening an account.
Usually, in order to be eligible, you must be 18 years old. Finally, in order to avoid costs, you might need to fund the account or maintain a minimum level. You will require a government-issued ID, your ID number, and your physical and mailing addresses in order to open an account.
You should read the disclosures before choosing an account so that you are aware of any account fees or minimum balance requirements. Depending on the characteristics you need, such as high interest rates, low minimum balance requirements, no ATM fees, or something else, you can choose the bank or account you desire. You must provide the bank or credit union with paperwork when you open a new bank account so they can confirm your identity.
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restitution is an equitable remedy in which the court unwinds the contract and eliminates all obligations under the contract from the time of the breach question 8 options: true false
Answers
False; restitution is not an equitable remedy whereby the court annuls the agreement and lifts all obligations starting with the time the agreement was broken.
Describe restitution.Many victims want to know how they can get their financial losses from a crime compensated. An overview of that procedure can be found on this page. The Mandatory Restitution Act of 1996 set up processes for figuring out how much restitution a victim might be eligible for.
It also contains details on how to seek restitution for crimes committed before the Act's effective date of April 24, 1996. According to the Act, "identified" victims may be eligible for an order of restitution for specific losses incurred as a result of an offense or losses that a defendant agrees to cover as part of a plea deal. Victims can be either people or companies.
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Aisha, a department manager, is struggling trying to lead a cross-functional team. Most members are other department managers at her level, and they see no reason to do what she asks. Here, aisha has
Answers
In this cross functional team, Aisha has weak position power.
Cross functional team:
In business terms, cross functional team refers the group of people with a variety of expertise who come together to achieve a common goal.
Given,
Here we have the person called Aisha, a department manager, is struggling trying to lead a cross-functional team. Most members are other department managers at her level, and they see no reason to do what she asks.
Now, we have to find the weakness of Aisha.
Here we know that, the position power refers to the authority that one possess over others in an organization due to the position in the managerial hierarchy such individual holds. And it also the work as a base line for the senior subordinate relationship in a firm.
Where as the position power makes flow of communication vertical, that is, from downward to upward and vice versa, which creates a sense of respect and fear among the subordinate towards their seniors.
Here in the given case, Aisha is the department manager and the other participant on which she wants to make order to holds same position as she do.
Therefore, there is no senior subordinate relationship among them which concludes weak position power.
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Municipal bonds are issued by what?
Answers
Answer:
Hi, the correct answer to your question is they are securities issued by states, cities
etc/more.
Explanation:
They mostly do this for building like highways, roads and more. It is used to raise more money to build important things for our environment.
Hope this helps! :)
consider a u.s.-based mnc with a wholly-owned italian subsidiary. following a depreciation of the dollar against the euro, which of the following describes the competitive effect of the depreciation
Answers
The depreciation of the dollar against the euro would typically benefit the U.S.-based multinational corporation (MNC) with a wholly-owned Italian subsidiary.
1. Increased competitiveness: When the dollar depreciates against the euro, it means that the euro strengthens relative to the dollar. As a result, the goods and services produced by the Italian subsidiary become relatively cheaper when exported to countries that use the euro as their currency. This increased competitiveness can lead to higher demand for the subsidiary's products, potentially resulting in increased sales and market share.
2. Impact on profitability: The increased competitiveness due to the depreciation can also positively impact the profitability of the Italian subsidiary. If the subsidiary's costs are mainly denominated in euros (e.g., labor, raw materials), while its revenues are earned in U.S. dollars or other currencies, the depreciation of the dollar would reduce the cost base in dollar terms, leading to higher profit margins.
3. Potential risks: It's important to note that the competitive effect of currency depreciation is not without risks. While a weaker dollar may benefit the U.S.-based MNC's subsidiary in Italy, it can also increase the cost of imported inputs or raw materials denominated in euros. Additionally, if the subsidiary has significant local expenses in dollars (e.g., rent, utilities), the depreciation may lead to higher operating costs.
In summary, the depreciation of the dollar against the euro generally has a positive competitive effect for a U.S.-based MNC with a wholly-owned Italian subsidiary. It can increase the competitiveness of the subsidiary's products, boost sales, and potentially improve profit margins. However, it's important to consider the potential risks and impacts on costs associated with currency depreciation.
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3. How technology and innovation influence culture (Connect, Perform)Use your knowledge of innovation to select the term that best completes each sentence.The first mobile phone is an example of .Use your knowledge of innovation to select the term that best fits each scenario or description.When smart phones first came out, companies tried to identify what apps they could create to combine with them to enable new things like compasses, maps, and mobile ticket purchasing. What type of innovation do these apps represent?An incremental innovationA systems innovationA radical innovationChoose the answer that best completes each sentence.Because workgroups develop their own , intranets build a common cultural foundation that can help unify employees in different units and locations around common company values.
Answers
According to the following questions were:
The first mobile phone is an example of a radical innovation.The type of innovation that represents is a systems innovation. The correct option is (B). Because workgroups develop their own , intranets build a common cultural foundation that can help unify employees in different units and locations around common company values. The suitable word is subcultures.What do you understand by the passage of technology and innovation?
An important finding that transforms or invents a whole industry is considered a radical innovation. Corporate research or research and development, which frequently takes place in laboratories, is the simplest approach for traditional corporations to foster innovation.
A system innovation installs components in novel ways to produce new functionalities, such as merging smartphones with compasses and other features. As with cellphones, radical innovation is a significant development that transforms or entirely develops an industry.
People in an organization who share similar circumstances, identities, or job responsibilities tend to coalesce around their own interpretations of the dominant corporate culture.
Therefore, according to the following questions were:
The first mobile phone is an example of a radical innovation.The type of innovation that represents is a systems innovation. The correct option is (B). Because workgroups develop their own , intranets build a common cultural foundation that can help unify employees in different units and locations around common company values. The suitable word is subcultures.To know more about the technology and innovation, visit:
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In order to obtain a permit, food service establishments must first
A. obtain a tax ID number
B. apply for initial inspection
C. pay the inspection fee
D. pass a food safety exam
Answers
Answer:
d
Explanation:
i use to work at a company like this i got to own a grocery outlet so i know anything
the difference between projects that fail and those that are ultimately successful has to do with:
Answers
The difference between projects that fail and those that are ultimately successful can be attributed to several factors, including:
Clear objectives and goals: Successful projects have clear objectives and goals that are communicated to all stakeholders. The team working on the project knows what they are trying to achieve and can measure progress towards that goal.
Effective planning and execution: Successful projects are planned and executed with precision and attention to detail. There is a clear plan in place, and each task is executed as planned.
Strong leadership: Successful projects are led by strong leaders who can inspire and motivate their team members. They provide guidance and support when needed, and they are able to adapt to changing circumstances.
Resource allocation: Successful projects allocate their resources effectively, including time, money, and personnel. They prioritize their resources to ensure that they are spent on the most critical tasks and that they are used efficiently.
Continuous learning and improvement: Successful projects are open to learning from their mistakes and continuously improving their processes. They are willing to make changes and adjustments as needed to ensure that they achieve their objectives.
Overall, successful projects are characterized by a clear focus, effective planning and execution, strong leadership, efficient resource allocation, and a commitment to continuous learning and improvement.
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The relationship between increasing prices and decreasing money value is called
Answers
Answer:
Inflation occurs when prices rise across the economy, decreasing the purchasing power of your money.
Explanation:
Can I please get on the brainlist
what makes recession and recover different?
Answers
The thing that makes recession and recover different is that Economic recovery serves as the business cycle stage which do follow recession .
What is recession and recovery?Recession and recovery can be described as the economuic terms that is been used by the ecconomist whereby the recession can be seen as the period of economic meltdown where there is usually a high inflation of goods as well as services.
It should be noted that the recovery period do follow the reccession which can be described as the sustained period of improving business activity that can happen in a country.
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Benefits of being a tax compliant
Answers
Tax laws provide for the charging of additional tax and penalties equal to the defaulted amount and interest, where a client fails to adhere to its provisions. In some instances, fines, prosecution and imprisonment may be effected depending on the nature of the default.
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