. Describe three reasons that a Bank Reconciliation Statement should be done

Q: mber 31, 2021, Aries Corporation appropriately changed its inventory costing method from FIFO cost…

A: Basic Concept of Impact of change in Inventory Valuation

Q: Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a…

A: Adjusted for change in Inventory valuation Method

Q: A. Amirah works as Accounts Executive in Blulnc Sdn Bhd and receives annual salary of RM72,000. In…

A:

Q: investigative techniques used  to uncover the fraud.

A: Fraud is defined as a false portrayal of the facts that cause the victim of the fraud to suffer harm…

Q: Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE…

A: The cash flow statement is prepared to record cash flow from various activities during the period.…

Q: what are the responsibility of Board members with regards to internal controls?

A: Internal Controls Internal controls refer to the rules, regulations, or processes implemented by a…

Q: On January 1, 2019, ABC Company leased an office building with the following terms: Annual rental at…

A: Lease: A lease is an agreement between a property owner and other party  party who wants to utilize…

Q: 17. S1- Nicanor is selling fishballs earning Php 50,000 per year. He is classified as self-employed.

A: A selfemployed is a person doing a job as a sole or in partnership…

Q: Assume that Derryland and Whetonia can switch between producing cheese and producing bread at a…

A: Answer) Opportunity cost is the benefit forgone from next best alternative course of action in the…

Q: Return to question LIhe tollowing intormation applies to the questions displayed below) Patel and…

A: Budgeted output=20000 units Standard hours for budgeted output=20000*2hrs=40000 hrs Annual budgeted…

Q: On March 16, 2022, BLUE Company paid property taxes of P375,000 on its building for calendar year…

A: Answer

Q: The allowable deduction for depreciation for the year 2014 is:

A: Depreciation is the amount of expenses which reduces the net income which means it is a expense…

Q: I. PFRS 15 provides that where a contract with a customer has multiple performance obligations, an…

A: As per PFRS 15 revenue from contract with customers, it is based on 5 step  model. Identify the…

Q: prepare the statement of financial position

A: Note: The explanations to the Journals are not provided as is not required in the question…

Q: Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…

A: The Non Resident Aliens in Philippines are subject to income tax on the incomes…

Q: Kaloy invested in the bonds of AAA Company in the United States. The bonds were issued at a price of…

A: Documentary stamp tax duty that DST is applicable on sale and purchase of bonds in market in…

Q: TIPS FOR READING AN EXCHANGE RATE CHART: Read down the chart. For example, in column 1 it says the…

A: The foreign exchange rates: The foreign exchange rates refer to the trading of one currency for…

Q: Using the following information: a. The bank statement balance is $3,106. b. The cash account…

A: Bank reconciliation statement means the statement where the bank balance as per cash book and bank…

Q: This deals with the determination of the fairness of the accountin reports and whther they are in…

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Export-Import Corporation paid the amount of P13,000.00 to Hernando’s Hideaway Resort Corporation…

A: To promote employee motivation or job satisfaction, some employers gives additional benefits to…

Q: Warwick Co. has the following data related to an item of inventory: Inventory, March 1 Purchase,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: I have the exact same question but it says that general journal entries g and j are incorrect

A: Cost bifurcation of Gymnasium Building and Value of Gym Equipment: Total Cost= $56000

Q: Cami (age 52 and married) was recently laid off as part of her employer’s reduction in workforce…

A: ANSWER : Cami could roll over the full 401k proceeds to an individually managed retirement account…

Q: Do you believe that primary commodities like electricity, gasoline, telecommunications should be run…

A: Monopoly:   It is a type of market system under which there is only one seller of the goods and…

Q: 38 PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting…

A: Taxable Income Taxable Income means the part of income that is subject to taxes. It is calculated by…

Q: Single Plantwide and Multiple Production Department Factory Overhead Rate Methods and Product Cost…

A: Production overheads: Production overheads are the costs which has no direct connection with…

Q: On January 1, Wei company begins the accounting period with a $34,000 credit balance in Allowance…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sanjeev enters into a contract offering variable consideration. The contract pays him $1,400/month…

A: As there is 80% chance that the contract will pay $4800 additional, so it will consider while…

Q: tement follow, along with additional into alance Sheet at December 31

A: In this question we have to calculate the cash flow by indirect method cash flow helps in…

Q: cording adjustments

A: The bank reconciliation statement is given as,

Q: Masa Khit Nha Company accounted for noncurrent assets using the revaluation model. On August 1,…

A: Here to discuss about the carrying value of the land in the revaluation model.  It is always taken…

Q: b. Ef sells capital assets to EFG for a $45,000 loss. What type of loss is it and how much of this…

A: When a loss is incurred due to the selling of a capital asset, it is known as a capital asset. It is…

Q: AAAA Drinks Corporation, a manufacturer of carbonated drinks, will remove from its place of…

A: Excise tax refers to the legislated tax on the particular goods and services at purchase like…

Q: Wheels, Inc. manufactures bicycles sold through retail bicycle shops in the southeastern United…

A: A constant price is something that does not change in response to activities. Even if there is no…

Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…

A: Consolidation financial statement- Financial statements generated by combining the financial…

Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…

A:

Q: How much is the VAT on the gross receipts of Mr. Hernandez for the year?

A: Gross receipts are those receipts which have been earned by the person from the selling of products…

Q: What does the affordable care act do for those not insured?

A: Affordable Care Act is a comprehensive healthcare reform which has been introduced from March, 2010,…

Q: 12. John moved out of his parents' home and into a one-bedroom apartment four months ago. He…

A: Expenses: Expenses are the charges incurred by an individual or entity for carrying out the day to…

Q: During June, Tarras Corporation plans to serve 46,000 customers. The company uses the following…

A: Planning budget is preparation of the budget based on the estimated cost. The purpose of preparation…

Q: Karmee Company has been accumulating operating data in order to prepare an annual profit plan.…

A: Customer billing:   When a customer receives its goods or service from the seller, he/she pays the…

Q: veloped an oil at an initial cost of $ 50,000,000. What is the depletion charge during the year…

A: Half million barrel = 500000 barrels of oil Initial cost = $500,000,000

Q: not that its tax positio

A: The correct option is given as,

Q: On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020.…

A: Estimated uncollectible accounts = Accounts receivable x uncollectible  % Bad debts expense =…

Q: Standard time for the given type of job (In hours)=1,000 Standard rate per hour=P50 Actual time…

A: Actual rate = wages paid/Actual time taken = P36000/900 hours = P 40 Labor rate variance = Actual…

Q: 62. How much is the total EXCLUSIONS FROM GROSS INCOME?

A: As per our protocol and guidelines we provide solution to the one question only but you have asked…

Q: . Please answer E21-11, and show all your workings clearly.

A: Computing the amount of lease receivable at the commencement of the lease:

Q: Familiarization of investment types. Identify keywords if it is; Deposit Fund Bond Stock Property 1.…

A: 1. Collateral - deposits  2. Shareholder - fund 3. Creditor  - bond 4. Debtholder - bond 5. Equity -…

Q: 4. What is the balance in Warranty Liability at the end of 2021 and 20 O Answer is complete but not…

A: Warranty refers to a promise or guarantee given by the seller or manufacturer of a product to its…

Q: Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.