The bank reconciliation
A) should be prepared by an employee who records cash transactions
B) is part of the internal control system
C) is for information purposes only
D) is sent to the bank for verification
B
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On January 1, 2018, Sanderson Company acquired a machine for $1,070,000. The estimated useful life of the asset is five years. Residual value at the end of five years is estimated to be $87,000. What is the book value of the machine at the end of 2019 if the company uses the straight-line method of depreciation?
A) $642,000 B) $676,800 C) $589,800 D) $641,996
As a branch of the social sciences what does economics study?
What will be an ideal response?
Karl, an employee of Smith Electric, Inc, has gross salary for March of $4,000
The entire amount is under the OASDI limit of $117,000 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Karl has a deduction of $320 for health insurance and $80 for United Way. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) What will be an ideal response
The homeowner lusted over a 36,000 BTU oven in his dream kitchen, but his contractor got a deal on a 20,000 BTU oven and installed it without a peep. Thanks to:
A) Acquisition controls, the homeowner ended up with the right oven. B) Specification controls, the homeowner ended up with the right oven. C) Design controls, the homeowner ended up with the right oven. D) Oven controls, the homeowner ended up with the right oven.