The cash account for Norwegian Medical Co. at April 30 indicated a balance of $10,185. The bank statement indicated a balance of $11,500 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $4,140.
b. A deposit of $4,310, representing receipts of April 30, had been made too late to appear on the bank statement.
c. The bank collected $2,240 on a $2,130 note, including interest of $110.
d. A check for $770 returned with the statement had been incorrectly recorded by Norwegian Medical Co. as $700. The check was for the payment of an obligation to Universal Supply Co. for a purchase on account.
e. A check drawn for $70 had been erroneously charged by the bank as $700.
f. Bank service charges for April amounted to $55.
Required:
1. Prepare a bank reconciliation.
2. Journalize the necessary entries.
3. If a balance sheet is prepared for Norwegian Medical Co. on April 30, what amount should be reported as cash?

Lo.2, 3, 9 lori, who is single, purchased 5-years class property for $200,00 and 7-years class property for $420,000 on may 20, 2018. lori experts the taxable income derived form the business (without regard to the amount expensed under ⧠179) to be about $550,000. lori has determined that she should elect immediate ⧠179 expensing in the amount of $520,000, but she doesn’t know which asset she should completely expense under ⧠179. she does not claim any available additional first-year depreciation. a. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 5-year class asset. b. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 7-year class asset. c. what is your advice for lori? d. assume that lori is in the 24% marginal tax bracket and that she uses ⧠179 on the 7-year asset. determine the present value of the tax savings from the depreciation deductions for both assets. see appendix g for present value factors, and assume a 6% discount rate. e. assume the same facts as in part (d), except that lori decides not to use ⧠179 on either asset. determine the present value of the tax savings under this choice. in addition, determine which option lori should choose. f. present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate microsoft excel formulas. e-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.

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