McDermott Company's bank statement for September 30 showed an ending cash balance of $1,392. The company's Cash account in its general ledger showed a $1,040 debit balance. The following information was also available as of September 30 . 1. The bank deducted $140 for an NSF check from a customer deposited on September 15 .
2. The September 30 cash receipts, $1,280, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. .
3. A $18 debit memorandum for checks printed by the bank was included with the canceled checks. .
4. Outstanding checks amounted to $1,190 .
5. Included with the bank statement was a credit memo in the amount of S890 for an EFT in payment of a customer's account .
6. Included with the canceled checks was a check for $290, drawn on the account of another company.
a. Prepare a bank reconciliation as of September 30.
b. Prepare the journal entries for the items on the company’s bank reconciliation as of September 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On january 1, 2017, fisher corporation purchased 40 percent (90,000 shares) of the common stock of bowden, inc. for $980,000 in cash and began to use the equity method for the investment. the price paid represented a $48,000 payment in excess of the book value of fisher's share of bowden's underlying net assets. fisher was willing to make this extra payment because of a recently developed patent held by bowden with a 15-year remaining life. all other assets were considered appropriately valued on bowden's books. bowden declares and pays a $90,000 cash dividend to its stockholders each year on september 15. bowden reported net income of $400,000 in 2017 and $348,000 in 2018. each income figure was earned evenly throughout its respective year. on july 1, 2018, fisher sold 10 percent (22,500 shares) of bowden's outstanding shares for $338,000 in cash. although it sold this interest, fisher maintained the ability to significantly influence bowden's decision-making process. prepare the journal entries for fisher for the years of 2017 and 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your final answers to the nearest whole dollar.)

The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.