Schwinn Company Assembled the Following Information in Completing Its March

question 116

Multiple Choice

Schwinn Company assembled the following information in completing its March bank reconciliation: $$\begin{array} { l r } \text { Balance per bank } & \$ 12,224 \\\text { Outstanding checks } & 2,480 \\\text { Deposits in transit } & 4,000 \\\text { NSF check } & 256 \\\text { Bank service charges } & 80 \\\text { Cash balance per books } & 14,080\end{array}$$ As a result of this reconciliation Schwinn will

• A)reduce its cash account by $1520.
• B)reduce its cash account by $80.
• C)increase its cash account by $176.
• D)reduce its cash account by $336.

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Definitions:

Bondholders

Individuals or entities that hold bonds issued by corporations or governments, entitled to receive interest payments and the return of principal.

Traded

The action of buying or selling securities, such as stocks or bonds, in financial markets.

Par Value

The face value of a stock or bond, representing the amount the security was originally sold for.

Installment Notes

Financial instruments that require the issuer to make payments to the holder over a specified period, usually including both principal and interest.