At June 30 Yaddof Company Has the Following Bank Information

question 126

Multiple Choice

At June 30 Yaddof Company has the following bank information: cash balance per bank $1650; outstanding checks $430; deposits in transit $527; credit memo for interest $75; bank service charge $10. What is Mareska's adjusted cash balance on June 30?

• A) $1747
• B) $1650
• C) $1660
• D) $1715

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Definitions:

Whole Life Insurance

A type of insurance that combines a life insurance policy with an investment feature; policyholders pay a premium that is divided between the insurance portion and the investment portion.

Cash Value

The value of the investment portion of a whole life insurance policy.

S&P 500

A stock market index that measures the stock performance of 500 of the largest companies listed on stock exchanges in the United States.

Pre-Tax Retirement Account

A savings account designed for retirement that allows individuals to contribute pre-tax income, with taxes deferred until withdrawal.