Question: For each of the following items, determine whether the item would be:

a. added to the bank balance

b. subtracted from the bank balance

c. added to the book balance

d. subtracted from the book balance

11. Interest revenue earned

12. NSF check

13. Deposit in transit

14. Service charge

15. Outstanding check

Solutions

Expert Solution

Step 1: Definition of outstanding check

Outstanding check are those checks that are not presented for the payment.

Step 2: Whether the item is added or subtracted

11. Interest revenue is revenue that increases the balance of the company. Hence, it is added to the book balance.

12. NSF check means checks that do not have sufficient balance in the account. Hence, these checks are deducted from the book balance.

13. Deposit in transit is the balance deposited into the bank but not recorded by the bank; hence, this amount is added to the bank balance.

14. Service charges are the charges collected by the bank hence, it deducted from the book balance.

15. Outstanding check is the check that is issued but not presented for the payment. Outstanding checks are deducted from the bank balance.

The outstanding check is deducted from the bank balance.

Sahil Dangi answered 1 year ago

Next > < Previous

Related Solutions

1. For each of the following items, indicate whether it would be classified as an (O)...

1. For each of the following items, indicate whether it would be classified as an (O) operating activity, an (I) investing activity, a (F) financing activity, or a significant (N) noncash investing or financing activity. __________Received cash dividends from an investment in the stock of another corporation. __________Collected accounts receivable from customers. __________Issued bonds payable for cash. __________Paid wages to employees. __________Issued stock for cash. __________Sold equipment for cash. __________Purchased land in exchange for a note payable. __________Paid cash...

For each of the following items, indicate whether it would be classified as an (O) operating...

For each of the following items, indicate whether it would be classified as an (O) operating activity, an (I) investing activity, a (F) financing activity, or a significant (N) noncash investing or financing activity. __________Received cash dividends from an investment in the stock of another corporation. __________Received interest from an investment in the bonds of another corporation. __________Purchase of land for cash. __________Purchased a building in exchange for common stock. __________Purchased treasury stock. __________Paid interest on a note payable. __________Collected...

A. For each of the following, note whether it is a separately stated item or a...

A. For each of the following, note whether it is a separately stated item or a part of ordinary income. B. Then state where the shareholder would report it on their individual return. C. Finally, explain why we have separately stated items. Revenue Gain on sale of property Dividends Interest income Cost of goods sold Loss on sale of investments Salaries and wages Travel expenses Charitable donations Interest expense

For each item in the left column, determine whether it can be an above-the-line deduction, a...

For each item in the left column, determine whether it can be an above-the-line deduction, a deduction from AGI to arrive at taxable income, or neither. Select from the option list provided. Item Allowable Deduction 1. Unreimbursed expenses incurred by an eligible educator for books and supplies used in the classroom 2. Unreimbursed direct moving expenses incurred for qualified active-duty military relocation 3. Payments for child support 4. Alimony payments made pursuant to a divorce finalized before 2019 5. Charitable...

Determine whether each of the following topics would more likely to be studied in microeconomics or...

Determine whether each of the following topics would more likely to be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics How a change in interest rates by the Federal Reserve impacts unemployment The government's decision on how much to spend on public projects The effect of government regulation on a business firm’s costs and prices

Determine whether each of the following would cause a shift of the aggregate demand curve, a...

Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, a shift in neither curve, or a shift in both curves. If a shift is caused, indicate which curve shifts, and in which direction it shifts. What happens to aggregate output and the price level in each case? 1] The price level changes. 2] Consumer confidence increases. 3] The supply of resources decreases. 4] The wage rate decreases.

Part A: In each of the following circumstances, determine whether the disposal would qualify as a discontinued...

Part A: In each of the following circumstances, determine whether the disposal would qualify as a discontinued operation. All companies are calendar year companies and the transactions are occurring in 2018. Give citations from the ASC to justify your answer. 1. An entity manufactures and sells consumer products that are grouped into five major product lines. Each product line includes several individual products that comprise the lowest where operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes,...

Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in...

Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of federal government spending on the national unemployment rate A consumer's optimal choice when buying a flat-screen TV The effect of government regulation on a monopolist's production decisions

Determine whether each of the following topics would more likely to be studied in microeconomics or macroeconomics.

Determine whether each of the following topics would more likely to be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effects of the internet on the pricing of used cars The effect of government regulation on a business firm's costs and prices The government's decision on how much to spend on...

Determine whether a bond between each of the following pairs of atoms would be pure covalent,...

Determine whether a bond between each of the following pairs of atoms would be pure covalent, polar covalent, or ionic. Drag the appropriate items to their respective bins. Br and Br, N and O, C and S, K and O

Subjects