Reck Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to

Answer:

Ensuring Shelia comprehends the economic reasoning behind staff layoffs.

Explanation:

Discussing layoffs and related communications is an uncomfortable matter not only for the employee facing termination but also for the individual tasked with conveying the news.

The main point to remember when addressing layoff-related topics is the difference between layoffs and termination due to performance issues. Layoffs are never indicative of someone's personal performance or errors; they are consistently linked to broader business circumstances, like necessary downsizing. Essentially, layoffs are fundamentally about economic matters impacting the organization.

This is why mentioning individual qualities during the layoff process is irrelevant, as the termination is not the employee's fault.

Answer:

The appropriate answer is "the company has not allocated enough funds for training".

Situational constraints refer to factors that negatively influence behavior and performance by imposing restrictions on personal qualities and motivation. For instance, lack of resources such as equipment or money. In this case, both employees and supervisors are keen to learn about new technology, but the main constraint preventing the achievement of this goal is the company's insufficient budget for training.

Answer:

1. Adjusted cash balance equals the adjusted balance from the bank statement, totaling $133,620.

2. Refer to the journal entries and details provided in section 2 below.

Explanation:

The data presented in the question has been compiled and organized in the attached Excel document prior to answering the questions as follows:

1. Complete the bank reconciliation for December 31, 2019.

The bank reconciliation is shown in two formats:

a) Based on cash book balance

Gibson Energy Ltd.

Bank Reconciliation  

as of December 31, 2019  

Details                                                                   Amount ($)    

Cash book balance at December 31 awaiting reconciliation         62,000

Add:

Note receivable collected from XYZ Corp                            80,000

Less:

Dishonored NSF check                                               (7,000)

Overdraft interest expense                                            (1,320)

Bank service charge                                                   (60)  

Adjusted cash balance as of December 31                             133,620  

b) Based on bank statement balance

Gibson Energy Ltd.

Bank Reconciliation  

as of December 31, 2019  

Details                                                                       Amount ($)    

Bank statement balance at December 31 awaiting reconciliation          131,620

Add:  

Cash deposited on December 9 yet to be recognized          85,000

Cash deposited on December 31 yet to be recognized            15,000

Check #52094 issued in error                                      62,000

Less:

Outstanding checks 233                                                    (83,000)

Outstanding checks 239                                                    (77,000)  

Adjusted bank statement balance as of December 31                 133,620  

2. Document the journal entries needed to align the Cash in Bank account with the adjusted cash balance on the December 31 bank reconciliation, including explanations.

Date      Account Title & Description              DR ($)           CR ($)  

31 Dec 19    Cash                                                80,000  

                   Note Receivable                                                     78,049

                   Interest on Note Receivable                                       1,951

                  (To record note receivable & interest collected from XYZ)    

31 Dec 19   Overdraft interest expense                1,320

                  Service charge                                        60

                  Cash                                                                           1,380

                   (To record interest expense and bank charges)                  

31 Dec 19   Accounts Receivable                           7,000

                    Cash                                                                           7,000

                  (To record NSF check that was dishonored)