A company received a bank statement showing a balance of $76,000. Reconciling items included outstanding checks of $2,000 and a deposit in transit of $9,100. What is the company's adjusted bank balance?
A) $64,900
B) $68,900
C) $83,100
D) $66,900
C) $83,100
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Flexible budgeting is a reporting system wherein the:
a. Statements included in the budget report vary from period to period. b. Budget standards may be adjusted at will. c. Reporting dates vary according to the levels of activity reported upon. d. Planned level of activity is adjusted to the actual level of activity before the budget comparison report is prepared.
James Corporation's controller has developed the cost and usage data listed below in preparation of standard unit cost information for the coming year. Direct materials quantity standard 5 pounds per product Direct labor time standard 3 hours per product Direct materials price standard $9 per pound Direct labor rate standard $8 per hour Standard variable overhead rate $10 per labor hour Standard
fixed overhead rate $11 per labor hour Using the above information provided for James Corporation, the standard overhead cost for each unit is A) $45. B) $33. C) $30. D) $63.
Another term for expense is:
a. unexpired cost. b. expired cost. c. net loss. d. none of these are correct.
Except for the collecting bank, each bank in the collection process, including the payer bank, must take proper action on an "on them" check prior to its midnight deadline
Indicate whether the statement is true or false