Higgins Company Gathered the Following Reconciling Information in Preparing Its

question 155

Multiple Choice

Higgins Company gathered the following reconciling information in preparing its October bank reconciliation: $\begin{array}{lr}\text { Cash balance per books, } 10 / 31 & \$ 16,800 \\\text { Deposits in transit } & 600 \\\text { Notes receivable and interest collected by bank } & 3,400 \\\text { Bank charge for check printing } & 80 \\\text { Outstanding checks } & 8,000 \\\text { NSF check } & 680\end{array}$ The adjusted cash balance per books on October 31 is

• A)$18,840.
• B)$16,040.
• C)$11,440.
• D)$19,440.

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Definitions:

Break Even

The point at which total costs and total revenues are equal, resulting in no net loss or gain.

Linear Equations

Equations where the highest power of the variable is one, creating a straight line when graphed.

Elimination

In solving systems of equations, elimination involves adding or subtracting equations to remove one variable, making it easier to solve for the others.

Solution

The answer to a problem or the explanation for a question, especially in mathematics or science.