Schwinn Company Assembled the Following Information in Completing Its March

question 17

Multiple Choice

Schwinn Company assembled the following information in completing its March bank reconciliation: $$\begin{array} { l r } \text { Balance per bank } & \$ 12,224 \\\text { Outstanding checks } & \$ 2,480 \\\text { Deposits in transit } & \$ 4,000 \\\text { NSF check } & \$ 256 \\\text { Bank service charges } & \$ 80 \\\text { Cash balance per books } & \$ 14,080\end{array}$$ As a result of this reconciliation, Schwinn will

• A)reduce its cash account by $1,520.
• B)reduce its cash account by $80.
• C)increase its cash account by $176.
• D)reduce its cash account by $336.

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Definitions:

Transfer Payments

Financial distributions without the requirement of goods or services in return, such as welfare or social security.

Tax Revenues

Governments' income derived from tax levies.

Campaign Pledge

A promise or commitment made by a political candidate or party to the electorate as part of their platform during an election campaign.

Balanced Budget Amendment

A proposed federal constitutional rule requiring that the government not spend more than its income in a fiscal year, aimed at ensuring fiscal responsibility.