LOC Unit 3 Test Flashcards

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accounting

Accenture purchases 55% of the voting common stock of JBL. After the purchase, Accenture has a controlling influence over JBL. (1) Which method does Accenture use to account for its investment in JBL? (2) What type of financial statements does Accenture prepare after the acquisition?

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sociology

The biopsychosocial approach to pain is likely to emphasize the importance of what?

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business

You would like to make a salad that consists of lettuce, tomato, cucumber, and peppers. You go to the supermarket, intending to purchase one variety of each of these ingredients. You discover that there are eight varieties of lettuce, four varieties of tomatoes, three varieties of cucumbers, and three varieties of peppers for sale at the supermarket. If you buy them all, how many different salads can you make?

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accounting

The cash account for Remedy Medical Co. at April 30, 2014, indicated a balance of $18,885. The bank statement indicated a balance of$23,775 on April 30, 2014. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a. Checks outstanding totaled $7,840.

b. A deposit of$3,580, representing receipts of April 30, had been made too late to appear on the bank statement.

c. The bank collected $3,780 on a note left for collection. The face of note was$3,600.

d. A check for $770 returned with the statement had been incorrectly recorded by Remedy Medical Co. as$700. The check was for the payment of an obligation to Copelin Co. for a purchase on account.

e. A check drawn for $330 had been erroneously charged by the bank as$3,300.

f. Bank service charges for April amounted to $110.

Instructions

Prepare a bank reconciliation.
Journalize the necessary entries. The accounts have not been closed.
If a balance sheet were prepared for Remedy Medical Co. on April 30, 2014, what amount should be reported as cash?

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