In Preparing Its Bank Reconciliation for the Month of April

question 112

Multiple Choice

In preparing its bank reconciliation for the month of April 2015, Delano, Inc. has available the following information. What should be the adjusted cash balance at April 30, 2015?

• A)$77,260.
• B)$77,600.
• C)$78,020.
• D)$78,200.

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Definitions:

Binding Price Floor

A legal minimum price for a good or service that is set above the equilibrium price, resulting in surpluses.

Binding Price Ceiling

A government-imposed limit on how high a price can be charged for a product, set below the market equilibrium price, leading to shortages.

Decreases

A reduction in size, quantity, or degree; the opposite of increases.

Tax

A mandatory monetary fee or tax levied by a government on individuals or organizations to finance public spending.