Nolan Company Had Checks Outstanding Totaling $14,400 on Its June

question 222

Multiple Choice

Nolan Company had checks outstanding totaling $14,400 on its June bank reconciliation. In July, Nolan Company issued checks totaling $103,800. The July bank statement shows that $64,800 in checks cleared the bank in July. A check from one of Nolan Company's customers in the amount of $800 was also returned marked "NSF." The amount of outstanding checks on Nolan Company's July bank reconciliation should be

• A) $39,000.
• B) $53,400.
• C) $52,600.
• D) $24,600.

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Definitions:

Analytic Production System

A system that uses analytical methods to optimize production and operational efficiencies.

Raw Materials

Basic materials from which products are made, including metals, plastics, textiles, and natural resources.

Short-term Contracts

Employment agreements with a limited duration, typically less than one year.

Product Layout

An arrangement where workstations or machinery are sequenced according to the steps in which a product is made, facilitating a continuous flow of production.