Identify whether each of the following items 1 through 8 would on appear on the bank side or the book side of a bank reconciliation.____ 1. Bank service charges____ 2. Outstanding checks____ 3. Deposits in transit____ 4. NSF check____ 5. Interest on a checking account____ 6. The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58.____ 7. The bank printed checks for the depositor for a fee.____ 8. The bank collected a $1,000 note for the depositor.
What will be an ideal response?
1. Book; 2. Bank; 3. Bank; 4. Book; 5. Book; 6. Bank; 7. Book; 8. Book
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Filtering is the process of presenting information as facts, without manipulating it.
Answer the following statement true (T) or false (F)
Atlantic Princess Corporation is considering the purchase of a new ocean-going vessel that could potentially reduce labor costs of its operation by a considerable margin. The new ship would cost $500,000 and would be fully depreciated by the straight-line method over 10 years. At the end of 10 years, the ship will have no value and will be scuttled. Atlantic Princess's cost of capital is 12
percent, and its marginal tax rate is 40 percent. Refer to Atlantic Princess Corporation. If the ship produces equal annual labor cost savings over its 10-year life, how much do the annual savings in labor costs need to be to generate a net present value of $0 on the project? (Round to the nearest dollar.) Present value tables or a financial calculator are required. a. $68,492 b. $115,154 c. $88,492 d. $157,487
U.S. GAAP requires that the statement of cash flows disclose the amount of cash flows arising from investing activities including
a. interest received on investments in bonds. b. interest paid on the company's bonds. c. cash used for the acquisition of non-current assets. d. cash dividends paid on the company's stock. e. cash dividends received on investments in other company's stock.
The specific identification inventory method should be used when the inventory consists of identical, low cost units that are purchased and sold frequently
Indicate whether the statement is true or false