Answer:
BRS is a Bank Reconciliation Statement:
1. COMPARE THE DEPOSITS
Match the deposits in the business records with those in the bank statement. Compare the amount of each deposit recorded in the debit side of the bank column of the cashbook with credit side of the bank statement and credit side of the bank column with the debit side of the bank statement. Mark the items appearing in both the records.
2. ADJUST THE BANK STATEMENTS
Adjust the balance on the bank statements to the corrected balance. For doing this, you must add deposits in transit, deduct outstanding checks and add/deduct bank errors.
Deposits in transit are amounts that are received and recorded by the business but are not yet recorded by the bank. They must be added to the bank statement.
Outstanding checks are those that have been written and recorded in cash account of the business but have not yet cleared the bank account. They need to be deducted from the bank balance. This often happens when the checks are written in the last few days of the month.
Bank errors are mistakes made by the bank while creating the bank statement. Common errors include entering an incorrect amount or omitting an amount from the bank statement. Compare the cash account’s general ledger to the bank statement to spot the errors.
3. ADJUST THE CASH ACCOUNT
The next step is to adjust the cash balance in the business account.
Adjust the cash balances in the business account by adding interest or deducting monthly charges and overdraft fees.
To do this, businesses need to take into account the bank charges, NSF checks and errors in accounting.
Bank charges are service charges and fees deducted for the bank’s processing of the business’ checking account activity. This can include monthly charges or charges from overdrawing your account. They must be deducted from your cash account. If you’ve earned any interest on your bank account balance, they must be added to the cash account.
An NSF (not sufficient funds) check is a check that has not been honored by the bank due to insufficient funds in the entity’s bank accounts. This means that the check amount has not been deposited in your bank account and hence needs to be deducted from your cash account records.
Errors in the cash account result in an incorrect amount being entered or an amount being omitted from the records. The correction of the error will increase or decrease the cash account in the books.
4. COMPARE THE BALANCES
After adjusting the balances as per the bank and as per the books, the adjusted amounts should be the same. If they are still not equal, you will have to repeat the process of reconciliation again.
Once the balances are equal, businesses need to prepare journal entries for the adjustments to the balance per books
Explanation:
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One way products can be categorized is by brand.
O a) True
Ob) False
Answer:
A. True.
Explanation:
One of the direct implementation for this categorization can be seen if you go to your supermarket. Supermarkets tend to categorize their product in a way that resulted in the most sales.
In order to achieve this, they tend to lined up the most popular brands on a place that's close to costumers' eye level on the shelf. The less popular brand will be place on top or lower part of the shelf that's a little bit harder to see.
25 points
What is it called when you change the color within a theme?
Question options:
Color change
Transition color
Variant
Flexible coloring
Answer:
transition color
Explanation:
i just finished the test
Allison corporation acquired 90 percent of bretton on January 1, 2016. Of Brettons total acquisition date fair value, $60000 was allocated to undervalued equipment
Answer:
Hello your question is incomplete attached below is the complete question
answer : consolidated Total sales = $1008000
Explanation:
Determine the consolidated totals for sales
to get the consolidated totals for sales we have to add up the two book values then subtract $92000 ( which is the entity transfers )
Consolidated Total sales = ($70000 + $400000 ) - $92000
= $1100000 - $92000 = $1008000
As a student, you are able to earn extra money by assisting your neighbors with odd jobs. If you charged $10.25 an hour for your assistance, about how many hours would you need to work to earn $8,425? Show your work.
Answer:
822 hours
Explanation:
The charge per hour is $10.25.
To earn a total of $8,425, one need to work ? hours.
1 hr =$10.25
? hrs = $8,425
?hrs = $8,425 / $10.25
=821.951
=822 hours
Match each effect with the correct type of trade barrier
A. Standards
B. Quotas
C. Embargoes
A. Restrict exports entirely and can be used as punishment
B. Place limits on imports and can drive up prices
C. Enforce rules to uphold quality and are intended to protect consumers
Answer: i got you
Explanation:
standards= C
Quotas= B
Embargoes= A
Trade Barrier although it affects "free trade" is not a negative term. The Correct match of given options are A - C, B - B, C- A.
Trade Barrier
For a Nation, the concept of "Free Trade" is not altogether positive as it can sometime affects their domestic industries which are not capable to compete big companies. To overcome this issue "Trade Barrier" is used, apart from economic reason, it can also be used for political reasons.
In the following question we have to match different types of trade barrier with their definition. Here are the correct match:-
A. Standard - C. Enforce rules to uphold quality and are intended to protect consumers.
B. Quotas - B. Place limits on imports and can drive up prices
C. Embargoes - A. Restrict exports entirely and can be used as punishment.
Learn more about Trade Barrier here:
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Which one of the following business stakeholder groups can exert pressure on a business by imposing stricter credit terms, or by refusing to grant further credit?
A. D suppliers B. customers C. shareholders D. pressure groups
Answer:
A. D suppliers
Explanation:
Suppliers are traders who sell materials and other items to a business. Suppliers are stakeholders in any company that they supplier products or services. They have commercial interests as creditors to the company.
Because suppliers are the one's who sell to a business of credit, they are the only ones who can impose credit terms on the business. Suppliers may also relax the credit terms or deny the business credit facilities depending on their risk assessment of the company.
Should Shaun use gross pay or net pay when creating his budget? Explain your
reasoning.
Answer:
jjheeeneemme
Explanation:beenem
the fact that companies can store and access emails sent or received on their equipment limits which of your rights
Answer: the answer is Privacy
Explanation:
They are limiting your rights of privacy by them being able to access your emails and such if that makes sense.
Answer:
Privacy
Explanation:
A p e x
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The percentage of a person's pay that is deducted for FICA-Social Security is _____.
Group of answer choices
6.2%
1%
3%
10%
Answer:
6.2%
Explanation:
According to the Employers Tax guide Employer's publication 15 of 2020, an employee social security deduction should be 6.2% of their gross pay. It means the employee is deducted 6.2% of gross pay as social security tax. The employer is also expected to contribute 6.2% of the employee' gross pay.
Bought a machine for Rs.100000 from ABC trading concern in account
Answer:
whats the question. Please let me know
Explanation:
Why is international trade important to most countries?
A. Trade allows countries to acquire natural resources not found in
their own territories.
B. Trade ensures that countries will not create trade deficits that
harm their economies.
C. Trade protects countries from economic competition with
neighboring countries.
D. Trade encourages countries to produce all the goods their citizens
need.
The transfer of welfare's, services, commodities among the nation for financial gain is called international trade.
The correct answer is:
Option A. Trade allows countries to acquire natural resources not found in their territories.
This can be explained as:
Import and export of sources between the countries allow the nation to grow their market and assets.Because of the international trade modes, the availability of the assets not produced in their country is available for the citizens to utilize.It gives more employment and hence improves the nation's economy.Therefore, trade allows countries to avail resources that are found in their region.
To learn more about international trade follow the link:
https://brainly.com/question/20344185
Answer:
A
Explanation:
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.
Answer:
a.
Taxes to be withheld from Gross Pay (Employee - Paid Taxes)
September Earnings Tax Rate Tax Amount
Subject to Tax
Federal Income tax $80.00
FICA - Social Security 800 6.20% $49.60
FICA - Medicare 800 1.45% $11.60
Total $141.20
FICA - Social Security = 800 * 6.2% = $49.60
FICA - Medicare = 800 * 1.45% = $11.60
b.
Date General Journal Debit Credit
Sep 30 Salaries Expense $800
Federal income tax payable $80
FICA taxes Payable - Social Security $49.60
FICA taxes Payable - Medicare $11.60
Salaries Payable $658.80
Salaries Payable = 800 - 80 - 49.60 - 11.60 = $658.80
Match the examples with the types of goods. To match them, click the example, and then click the type of good.
Match the examples with the types of goods.
To match them, click the example, and then click the type of good.
Omar buys a snack bag of chips that he noticed while waiting in line at the store.
Unsought good
Joaquin pays for renters' insurance so that he will get paid if his belongings are destroyed in an accident or burglary.
Convenience impulse good
Jamie goes to the store to buy toothpaste.
Convenience staple good
Wanda reads reviews of different video cameras to decide what brand she wants, and then chooses the store with the lowest price on that item.
Shopping good
Adriana only buys doughnuts from her favorite local doughnut shop.
Specialty good
Answer:
1. Convenience impulse good
2. Unsought good
3. Convenience staple good
4. Shopping good
5. Specialty good.
Explanation:
1. Omar buys a snack bag of chips that he noticed while waiting in line at the store: Convenience impulse good.
A convenience impulse good can be defined as goods (products) that an individual purchases without planning to buy them or having prior intention to do so. Therefore, convenience goods are easily available and often purchased by impulse.2. Joaquin pays for renters' insurance so that he will get paid if his belongings are destroyed in an accident or burglary: Unsought good.
Unsought goods can be defined as goods or services that an individual do not think of buying or isn't aware of but purchases due to a fear of danger (damage).3. Jamie goes to the store to buy toothpaste: Convenience staple good.
A convenience staple good can be defined as goods (products) that an individual consumes on a regular basis and as such are purchased more often.4. Wanda reads reviews of different video cameras to decide what brand she wants, and then chooses the store with the lowest price on that item: Shopping good.
Shopping goods can be defined as goods (products) that an individual purchases after doing due diligence by comparing its style, quality and price in other stores.5. Adriana only buys doughnuts from her favorite local doughnut shop: Specialty good.
Specialty goods refers to consumer goods that an individual considers to be exclusive and unique, for which he or she would go any length and perhaps, do anything to get them due to the strong preference.The "E" in ALERT stands for Employees and reminds you to (Choose all answers that apply)
A. Know who (which employees) are in your facility.
B. Limit employees access to prep & storage areas.
C. Conduct background checks and verify credentials.
D. Test employees knowledge of allergens.
Does walking your neighbors dog everyday (and there elderly) count as community service?
Answer:
It depends.
Explanation:
If you are helping people who need help, and if they are your neighbors, then they are in your community. Thus, you are doing community service.
Although, if they don't need help and you keep insisting, then that might not be community service because they don't need your help.