In the Month of May, Lopat Company Inc

question 57

Multiple Choice

In the month of May, Lopat Company Inc.wrote checks in the amount of $74,000.In June, checks in the amount of $101,264 were written.In May, $67,744 of these checks were presented to the bank for payment and $87,064 in June.What is the amount of outstanding checks at the end of May?

• A)$14,200.
• B)$6,256.
• C)$20,456.
• D)$28,400.

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Definitions:

Dividend Paid

Refers to the portion of a company's earnings that is distributed to its shareholders as a return on their investment.

Subsidiary

A company that is completely or majority-owned by another company.

Fair Value

Fair value is the estimated price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Contingent Consideration

Future payment obligations in a business combination or other arrangements that depend on specific outcomes or achievements.