Chapter 20, Problem 18QS

2. The main Purpose of Financial Accounting is? To Provide financial information to shareholders To maintain balance sheet To minimize taxes. To keep track of liabilities.

A company that uses the cash basis of accounting will:   Record revenue when it is collected. Record revenue when it is earned. Record revenue at the same time as accounts receivable. Record bad debt expense on the income statement.

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The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and…

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Not use chart gpt please solve this question general accounting

15. Return on Investment Ratio (ROI) = (Gross profit / Net sales) x 100 (Gross profit x Sales / Fixed assets) x 100 (Net profit / Sales) x 100 (Net profit / Total assets) x 100

What is the supporting evidence in a business transaction called? Journal Ledger Voucher Contra Voucher.