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Question - Lebron James, the owner of Basketball Hit Ltd has hired you to prepare a bank reconciliation statement for the month ended 31 July 2021 using the following information:
1. The final balance in the Cash at Bank account in the ledger of Basketball Hit Ltd (after all entries arising from the bank statement had been entered) was $31 518 Dr.
2. The balance shown by the bank statement at 31 January was $33 794 Cr.
3. Cheques issued but not presented total $2872.
4. 31 July receipts amounting to $3916 have not been deposited.
5. A $3320 deposit was incorrectly credited to the bank account of Basketball Hit Ltd.
REQUIRED - Prepare the bank reconciliation statement at 31 July 2021.
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Redfern Corporation, a calendar year taxpayer, has been an S corporation for several years. Rod and Kurt each own 50% of Redfern’s stock. On July 1 of the current year (assume a non-leap year), Redfern issues additional common stock to Blackfoot Corp..
Using the appropriate information above to find out how many additional appointments does the new physician need to have to make up the $30,000 loss?
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