Tayler Company Wrote Checks Totaling $34,160 During October and $37,300

question 97

Multiple Choice

Tayler Company wrote checks totaling $34,160 during October and $37,300 during November. $32,480 of these checks cleared the bank in October, and $36,440 cleared the bank in November. What was the amount of outstanding checks on November 30?

• A) $2,540
• B) $460
• C) $1,220
• D) $3,960

---

Definitions:

Push-Down Accounting

A method of accounting used in the financial statements of a subsidiary when its parent company allocates a portion of the purchase price to the subsidiary’s assets and liabilities.

ASPE

Accounting Standards for Private Enterprises; a set of accounting principles in Canada designed for private companies, focusing on simplicity and cost-effectiveness in financial reporting.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is global in scope.

Non-Controlling Interest

The portion of a subsidiary corporation's equity that is not owned by the parent corporation.