Kline Company Had Checks Outstanding Totaling $6,400 on Its May

question 62

Multiple Choice

Kline Company had checks outstanding totaling $6,400 on its May bank reconciliation. In June, Kline Company issued checks totaling $39,900. The July bank statement shows that $29,700 in checks cleared the bank in July. A check from one of Kline Company's customers in the amount of $300 was also returned marked "NSF." The amount of outstanding checks on Jones Company's July bank reconciliation should be

• A) $19,600.
• B) $10,200.
• C) $16,600.
• D) $3,800.

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Definitions:

Acquisition

The act of one business securing the bulk or all of another company’s equity to take over control.

Shareholders

Individuals or entities that own shares in a corporation, thus holding a portion of the company's equity.

Proxy Contests

A competition for the proxy votes of shareholders, typically aimed at gaining control of the company's board of directors.