Longfellow Company Gathered the Following Reconciling Information in Preparing Its

question 189

Multiple Choice

Longfellow Company gathered the following reconciling information in preparing its April bank reconciliation: The adjusted cash balance per books at April 30 is

• A) ₤9,820.
• B) ₤9,670.
• C) ₤7,970.
• D) ₤5,590.

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Definitions:

Insurance Premium

The amount of money that individuals or businesses must pay for an insurance policy, providing coverage against specific risks.

Expected Claims

An estimation of the amount and frequency of claims a company might expect within a certain period, often used in insurance and risk management.

Marginal Utility

is the additional satisfaction or utility a consumer receives from consuming an additional unit of a good or service.

Income

The money received by an individual or business for work, from investments, or from other sources.