Question
The bank statement shows an ending balance of $34,351. The unadjusted cash account balance per the books was $28,350. Using the below information, what is
The bank statement shows an ending balance of $34,351. The unadjusted cash account balance per the books was $28,350. Using the below information, what is the true cash balance?
There was a deposit in transit for $4,240 |
The bank statement reports a service charge of $39 |
The bank statement shows interest earned of $95 |
Outstanding checks totaled $10,935 |
The bank statement included a $750 NSF check deposited this month |
Question 22
Question text
Policies and procedures designed to reduce the opportunities for fraud are often called:
Question 23
Question text
Which of the following is a disadvantage of accepting credit cards from retail customers?
Question 24
Question text
ABC Company pays $385,000 cash to purchase XYZ, Inc. The fair market value of the assets acquired and liabilities assumed were determined to be $340,000 and $80,000, respectively. Calculate the amount of Goodwill:
Question 25
Question text
A company sold equipment on 9/30/2016.
Straight-Line depreciation = $2000 per year
Capitalized Cost = $16,000
Asset was sold for $5,000
Accumulated Depreciation at 12/31/2015 = 12,000
What is the correct entry to record the sale of the equipment?
Cash | $5,000 | |
Accumulated Depreciation | $13,500 | |
Equipment | $16,000 | |
Gain | $2,500 |
Cash | $5,000 | |
Accumulated Depreciation | $12,000 | |
Equipment | $16,000 | |
Gain | $1,000 |
Cash | $5,000 | |
Loss | $11,000 | |
Equipment | $16,000 |
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