Refer to the following bank reconciliation:
Bank Book
Balance, June 30, 2017 $11,240 Balance, June 30, 2017 $10,200
Add: Add:
Deposit in transit 3,110 Note collected by bank 2,100
Interest revenue 55
Less: Less:
Outstanding checks #506 1,20
What will be an ideal response
Accounts Receivable 85
Cash 85
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Phil asks you to calculate the break-even point for his firm. You respond that you will need the following information:
A. the values for all assets and liabilities. B. total fixed costs, selling price, and variable costs per unit. C. forecasted sales volume, operating expenses, and asset values. D. sales revenue and total liabilities E. sales revenue and cost of goods sold
Recasto owns a second residence that is used for both personal and rental purposes. During 2017, Recasto used the second residence for 50 days and rented the residence to Louis for 200 days. Which of the following statements is true?
a. Depreciation may not be deducted on the property under any circumstances. b. A rental loss may be deducted if rental-related expenses exceed rental income c. Utilities and maintenance on the property must be divided between personal and rental use. d. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.