The Records of Topper. Ltd. Show the Following

question 84

Essay

The records of Topper. Ltd. show the following:
1. In February, deposits per the bank statement totalled $18,850; deposits per books $19,500; and deposits in transit at February 28 were $1,400.
2. In February, cheques issued per books were $17,750; cheques clearing the bank were $18,400; and outstanding cheques at February 28 were $1,250.
There were no bank debit or credit memoranda and no errors were made by either the bank or Topper Ltd.
Required:
(a) Calculate the dollar amount of the deposits in transit at January 31. (b)Calculate the dollar amount of the outstanding cheques at January 31.

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Definitions:

Economic Conditions

The state of a country or region's economy, including factors like unemployment, inflation, and GDP growth.

Slow Growth

A condition signifying a minimal increase in economic output or business activity, often perceived as slower than desired or expected.

Sensitivity

The degree to which the price of a derivative, investment, or portfolio changes in response to changes in market conditions or underlying variables.

Supply Shock

An unexpected event that suddenly changes the supply of a product or commodity, resulting in a sudden change in its price.