Nolan Company Had Checks Outstanding Totaling $7,200 on Its June

question 33

Multiple Choice

Nolan Company had checks outstanding totaling $7,200 on its June bank reconciliation.In July, Nolan Company issued checks totaling $51,900.The July bank statement shows that $32,400 in checks cleared the bank in July.A check from one of Nolan Company's customers in the amount of $400 was also returned marked "NSF." The amount of outstanding checks on Nolan Company's July bank reconciliation should be

• A)$19,500.
• B)$26,700.
• C)$26,300.
• D)$12,300.

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Definitions:

Average Variable Cost

Average Variable Cost is the variable cost per unit of output, calculated by dividing total variable costs by total output, illustrating how variable costs change with output levels.

Output

The total amount of goods or services produced by a person, machine, factory, country, etc., within a particular time period.

Marginal Product

The additional output generated by employing one more unit of a factor of production.

Output Level

The total quantity of goods and services that a firm or industry produces over a set period.