Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
• Write the procedure documentation for the monthly bank reconciliation process in a professional manner.o It will be the desktop guide used by others in the event of your absence to prepare the financial statements for The Gift Shop.o It may be in the form of a memorandum or as a numbered listing of items, depending on your individual preference.• Prepare the monthly bank reconciliation for The Gift Shop based on the information provided.Additional information needed for bank reconciliation preparation follows:• Cash per the unadjusted trial balance is $12,675.• Cash balance per the bank statement is $12,780.• Check #115 has not cleared the bank. It was written for $645.• A deposit of $1,000 cleared the bank but was not recorded in the general ledger.• A check for $250 was found in the owner's desk drawer.• A deposit of $1,250 was taken to the bank after 2 p.m. on December 31, 2008 and was not posted by the bank until January 1, 2009.• Errors were noted in the following checks:o Check #121 was recorded for $325 but cleared the bank as $320.
o Check #125 was recorded for $585 but cleared the bank as $600.
Identify items of cash (and cash equivalents), understand the importance of cash management, and discuss revenue recognition when the right of return exists
When Alonzo acquired the patents, their fair market values were: Patent AA: $20,000; Patent BB: $240,000; and Patent CC: $60,000. At what amount should Alonzo record Patent BB?
Herman uses the straight-line method of amortization. What is the amount of interest Herman must pay the bondholders in 2011?
The firm earned 423,300. The partners to share income by providing annual salary allowances of 39,000 to kim. 34,000 to tere. and 46,000 to josh. Granting 10 percent interest on the partners beginning capital investements and sharing the remainder..
first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?
Net purchases amount to $500,000 per year. On average, how much "free" trade credit does the firm receive during the year?
The activity method of depreciation and For income statement purposes, depreciation is a variable expense if the depreciation method
Complete the sales budget by filling in the missing amounts and determine the amount of sales revenue the company will report on its pro forma income statement for the first quarter?
Evaluate the 2012 cost of goods sold using the LIFO method and find what method would you recommend to owner to minimize income taxes in 2012, using inventory information for footballs as a guide?
Equity Transactions and Statement Preparation - share cash dividend on common stock and declared preferred dividend.
They also supoort Peggy (age 66), who is a friend of the family and lives with them. how many personal and dependency exemptions may the Carters claim?
How would accept the order affect Maui Juda's operating income? In addition to the special order's effect, what other (long-term, qualitative) factors should Maui Juda's managers consider in deciding whether to accept the order?
Compute variances for material, labor, and overhead. Prepare a summary of the variances. Does the unfavorable overhead volume variance suggest that overhead cost are out of control?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd