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A firm's bank reconciliation shows, in part, a book balance of $15,820, a deposit in transit of $300, an NSF check of $400, outstanding checks totaling $10,000, and a service charge of $20. Its adjusted book balance is Multiple Choice $16,240. $15,400. $15,440. $16,200. {Ans: $15,400. Explanation The adjusted book balance would be computed as follows: book balance of $15,820 less NSF check of $400 less service charge of $20 = $15,400. Deposits in transit and outstanding checks are used to compute the adjusted bank (rather than book) balance.}Which of the following statements is correct? Multiple Choice The FUTA tax provides benefits for employees who become unemployed. The federal unemployment tax rate can be reduced by the rate charged by the state for the state unemployment tax. The earnings base for the federal and most state unemployment taxes are the same, the first $7,000 of an employee's earnings for the year. All of these are correct. {Ans: All of these are correct. Explanation All of the following statements are correct: The FUTA tax provides benefits for employees who become unemployed. The federal unemployment tax rate can be reduced by the rate charged by state for the state unemployment