The following information pertains to crane company. 1. cash balance per bank, july 31, $7,134. 2. july bank service charge not recorded by the depositor $41. 3. cash balance per books, july 31, $7,216.4. deposits in transit, july 31, $2,911. 5. $1,640 collected for crane company in july by the bank through electronic funds transfer. the accounts receivable collection has not been recorded by crane company. 6. outstanding checks, july 31, $1,230. prepare a bank reconciliation at july 31, 2017.

Which of the following statements is correct? a major disadvantage of a partnership relative to a corporation is the fact that federal income taxes must be paid by the partners rather than by the firm itself. in a typical partnership, liability for other partners’ misdeeds is limited to the amount of a particular partner’s investment in the business.true in a limited partnership, the limited partners have voting control, while the general partner has operating control over the business, and the limited partners are individually responsible, on a pro rata basis, for the firm’s debts in the event of bankruptcy. partnerships have more difficulty attracting large amounts of capital than corporations because of such factors as unlimited liability, the need to reorganize when a partner dies, and the illiquidity of partnership interests.