Determine Whether the Following Is Valid or Invalid

question 83

Short Answer

Determine whether the following is valid or invalid:
Either the bank made a mistake, or none of this month's deposits have been recorded. If our accountant is correct, then all the accounts have been reconciled. If it is not the case that none of the month's deposits has been recorded, then all the accounts could not have been reconciled. I have checked with our accountant, and he is indeed correct. Therefore, the only alternative is that the bank made a mistake.

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Definitions:

Average Tax Rate

The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the total income.

Total Income

The sum of all earnings obtained from any source, including wages, rental income, profits, dividends, and interest.

Total Taxes

The cumulative amount of taxes paid by individuals or companies to the government, including federal, state, and local taxes.

Marginal Tax Rates

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.