Sparrow Corporation The items listed below were identified while preparing a bank reconciliation for the checking account of Sparrow Corporation as of March 31, 2012. Sparrow's balance according to the general ledger ? Bank statement balance $18,500 Outstanding checks 2,700 A customer's NSF check returned by the bank 350 Bank service charges 100 Deposits in transit 1,000 Interest earned on the
checking account 60 Refer to the information presented for Sparrow Corporation. How will the outstanding checks be handled within a bank reconciliation?
A) Add to the balance in the company's records
B) Subtract from the balance in the company's records
C) Add to the bank statement balance
D) Subtract from the bank statement balance
D
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A dividend that represents a return of capital rather than a distribution of retained earnings is called a
A) property dividend. B) stock dividend. C) capital dividend. D) liquidating dividend.
On September 30, the Sorting Department of Java Works had ending Work-in-Process Inventory of 30,000 units that was 46% complete for materials and 36% complete for conversion costs. The company uses the FIFO method. This means that for the beginning Work-in-Process Inventory, ________% of the materials and ________% of conversion costs were added during October.
A) 46; 36 B) 64; 54 C) 54; 64 D) 36; 46
______________________________ is an inventory management approach where inventory needs and inventory production capabilities are matched across the entire global enterprise.
Fill in the blank(s) with the appropriate word(s).
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $29,861 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit3750?Outstanding checks1458?Additionally, a $56 check correctly written and recorded by the company was recorded by the bank as a $65 deduction.The adjusted cash balance per the bank records should be:
A. $35,078 B. $32,162 C. $32,153 D. $24,662 E. $32,144