Taylor Corp ?? What Is the Net Amount of the Adjustments to on October

question 94

Multiple Choice

Taylor Corp.identified the following data in preparing a bank reconciliation on October 31, 2016. $$\begin{array} { l r } \text { Bank statement balance } & \$ 29,600 \\\text { Taylor's book balance (before adjustments) } & ? \\\text { Outstanding checks } & 3,100 \\\text { NSF checks } & 300 \\\text { Service charges } & 200 \\\text { Deposits in transit } & 2,200 \\\text { Interest earned on checking account } & 100\end{array}$$ ?? What is the net amount of the adjustments to Taylor's cash balance as a result of the bank reconciliation?

• A) No amounts need to be recorded
• B) $400 increase
• C) $400 decrease
• D) $900 decrease

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Definitions:

Stakeholder Audit

The process of identifying, analyzing, and addressing the needs and concerns of stakeholders in a project or organization.

Financial Ties

The connections or relationships between individuals or entities that involve monetary transactions or investments.

Corporate Social Responsibility

A business model that helps a company be socially accountable to itself, its stakeholders, and the public, by practicing ethical, sustainable, and community-friendly actions.

Government Intervention

Actions taken by a government to affect or interfere with the economic or social activities in a country, often to correct market failures.