In the Month of November, Gavin Company Inc

question 103

Multiple Choice

In the month of November, Gavin Company Inc.wrote checks in the amount of $46,250.In December, checks in the amount of $63,290 were written.In November, $42,340 of these checks were presented to the bank for payment and $54,415 in December.What is the amount of outstanding checks at the end of December?

• A)$8,875.
• B)$3,910.
• C)$12,785.
• D)$17,750.

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Definitions:

Taxes

Taxes are compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Fiscal Policy

Government adjustments in spending levels and tax rates to monitor and influence a nation's economy.

Interest Rates

The percentage charged by lenders for borrowing money or paid by banks to depositors, influencing economic activity.

Fiscal Policy

Government policies relating to taxation and spending to influence the economy.