Mr. X, a multiple-business owner failed to monitor his cash position because of his busy business...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr. X, a multiple-business owner failed to monitor his cash position because of his busy business schedule. Consequently, he issued a check with an amount which is more than the available balance in his bank account. To avoid possible liability under BP 22, what should Mr. X do with his depository bank? Explain. Mr. X, a multiple-business owner failed to monitor his cash position because of his busy business schedule. Consequently, he issued a check with an amount which is more than the available balance in his bank account. To avoid possible liability under BP 22, what should Mr. X do with his depository bank? Explain.
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
A brand is more than the physical product. Explain.
-
that is more than the yield rate that is less than the yield rate that is equal to the yield rate that may be more or less than the yield rate, but there is not enough information given to determine...
-
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month for the next three years and then $500 per month for two years after that. If...
-
Mansfield Congregational Church (MCC) is a small organization in Connecticut with only seventeen employees. Though its funds are dwindling, the MCC wants to hire a full-time maintenance employee to...
-
A flood has destroyed the inventory of the AquaMan Corporation. Before paying for damages, the JRC Insurance Company wants to know the amount of ending inventory that is missing. You have been hired...
-
what variable must you alter on the graph to change the evaporation rate? explain in detail why this variable influences evaporation rate
-
Air flows adiabatically between two sections in a constant area pipe. At upstream section (1), \(p_{0,1}=100 \mathrm{psia}, T_{0,1}=600^{\circ} \mathrm{R}\), and \(\mathrm{Ma}_{1}=0.5\). At...
-
For the year ending December 31, 2014, Soto Inc. reports net income $170,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on...
-
Calculate the heat flow per unit area through the wall of a steel furnace with a thickness of 1 inch when the temperature gradient across the wall is 1 0 degrees F . The thermal conductivity of the...
-
State Banks balance sheet is listed below. Market yields and durations (in years) are in parenthesis, and amounts are in millions. a. What is State Banks duration gap? b. Use these duration values to...
-
A single taxpayer at 275% of FPL has $2,500 in APTC that needs to be paid back. How much will they actually have to pay back to the IRS in TY2023?
-
You have a tract of land on which trees can be grown. The initial cost of planting the trees is Rs 80,000. The net revenue realisable from the harvesting of trees would be as follows: The opportunity...
-
Intravenous infusions usually are driven by gravity by hanging the fluid bottle at sufficient height to counteract the blood pressure in the vein and to force the fluid into the body. The higher the...
-
How do decision makers determine the average age of a reporting entitys accounts receivable?
-
Prepare adjusting entries as of December 3 1 of the current year for the following transactions. Note: If no entry is required for a transaction / event , select " No journal entry required" in the...
-
Choose a company in this case healthy food.ca for which you might be interested in running a paid search campaign. Describe what your goal for paid search would be and how you would measure success....
-
Song Corp's stock price at the end of last year was $26.25 and its earnings per share for the year were $1.30. What was its P/E ratio?
-
In the synthesis of the keto acid just given, the dicarboxylic acid decarboxylates in a specific way; it gives Explain. HO rather than HO
-
Larry and Lisa Williams, both 33 years old, have been married for 9 years. They live at 638 Arctic Way, Fairbanks, AK 99701. Lisa's Social Security number is 445- 81-1423 and Larry's is 798-09-8526....
-
Sophie is a single taxpayer. For the first payroll period in October 2012, she is paid wages of $3,250 monthly. Sophie claims three allowances on her Form W-4. a. Use the percentage method to...
-
In 2012, Margaret and John Murphy are married taxpayers who file a joint tax return with AGl of $25,000. During the year they incurred the following expenses: Hospitalization insurance...
-
The number on the jersey of each New York Giants football player is recorded, then the mean of those numbers is computed. Decide whether the statement makes sense (or is clearly true) or does not...
-
A professor calculates final grades using a weighted mean in which the final exam counts twice as much as the midterm. Decide whether the statement makes sense (or is clearly true) or does not make...
-
The following ages (years) of survey respondents: 22, 19, 21, 27, over 65, over 80. State whether the mean or median would give a better description of the average. Explain your reasoning.
Study smarter with the SolutionInn App