Bank reconciliation of B Company as at July 31, 2015.

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Answer 1

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

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Taxpayer has a warehouse where she acquired equipment for $24,000. Over time, depreciation of $13,500 was claimed. In the current year, taxpayer sells the asset for $28,000. What is the amount and nature of the gain/loss from the sale? a. $13,500 of ordinary income, $4,000 long-term capital gain b. $17,500 ordinary income c. $4,000 of ordinary income, $13,500 long-term capital gain d. $17,500 long-term capital gain need help

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Answer 2

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

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Answer 3

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Answer 6

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

Answer 7

Chapter 6, Problem 4PSA

1.

To determine

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

Answer 8

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

Answer 9

2.

To determine

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

Answer 10

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Answer 11

3.

To determine

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 5MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ

Bank reconciliation of B Company as at July 31, 2015.

Concept explainers

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

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Chapter 6 Solutions

Bank reconciliation of B Company as at July 31, 2015.

Concept explainers

To prepare: Bank reconciliation of B Company as at July 31, 2015.

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

a. To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.

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Chapter 6 Solutions

To prepare:

Bank reconciliation of B Company as at July 31, 2015.

To prepare:

Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of July 31, 2015.

a.

To explain: effect on (i) the adjusted bank statement cash balance and (ii) the adjusted cash account book balance related to company’s unadjusted cash account balance of $27,497 which is listed on the reconciliation as $27,947.