Speed Racer Company Developed the Following Reconciling Information in Preparing

question 101

Multiple Choice

Speed Racer Company developed the following reconciling information in preparing its September bank reconciliation: $$\begin{array} { l r } \text { Cash balance per bank, } 9 / 30 & \$ 27,000 \\\text { Note receivable collected by bank } & 12,800 \\\text { Outstanding checks } & 14,000 \\\text { Deposits in transit } & 6,000 \\\text { Bank service charge } & 350 \\\text { NSF check } & 2,900\end{array}$$ Determine the cash balance per books (before adjustments) for Speed Racer Company.

• A) $19000.
• B) $9450.
• C) $10650.
• D) $21000.

Acknowledge the critical nature of sourcing and documentation in reports.

Learn about the use of wikis and collaborative tools in report writing.

Understand the significance of an effective introduction and conclusion in report writing.

Recognize the importance of presenting balanced information and arguments.

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Definitions:

Ending Inventory

The final value of goods available for sale at the end of an accounting period, calculated before the start of a new period.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly involved in creating the product.

Total Assets

The sum of all current and non-current assets owned by a business, indicating its total resources.

Cost Per Unit

The total expense incurred in manufacturing or acquiring a product divided by the number of units.