The Following Information Is Needed to Reconcile the Cash Balance

question 58

Multiple Choice

The following information is needed to reconcile the cash balance for Woods Paper Products. • A deposit of $5,794.62 is in transit.
• Outstanding cheques total $1,533.25.
• The book balance is $5,695.62.
• The bookkeeper recorded a $1,524.00 cheque as $15,240 in payment of the current month's rent.
• The bank balance at February 28, 2008 was $16,500.25.
• A deposit of $300 was credited by the bank for $3,000.
• A customer's cheque for $1,280 was returned for non-sufficient funds.
• The bank service charge is $70.
What was the adjusted bank balance?

• A)$6,472.38
• B)$18,061.62
• C)$9,355.63
• D)$14,938.88

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Definitions:

T-Distribution

A probability distribution that arises in the sampling distribution of sample means, especially useful when the sample size is small and the population variance is unknown.

Population Mean

The average value of all members of a defined set of people, objects, events, or values of interest.

T Distribution Table

A table used in statistics that shows the critical values of the t-distribution, aiding in hypothesis testing and confidence interval estimation.

Degrees Of Freedom

A concept in statistical analysis that represents the number of values in a calculation that are free to vary without violating any given constraints.