Macrinez Company Assembled the Following Information in Completing Its July

question 31

Multiple Choice

Macrinez Company assembled the following information in completing its July bank reconciliation: balance per bank $22,920; outstanding checks $4,650; deposits in transit $7,500; NSF check $480; bank service charge $150; cash balance per books $26,400.As a result of this reconciliation, Macrinez will

• A)reduce its cash account by $150.
• B)reduce its cash account by $630.
• C)reduce its cash account by $2,850.
• D)increase its cash account by $330.

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Definitions:

Economy's Rate of Growth

The steady increase in the gross domestic product (GDP) or gross national product (GNP) of an economy over time, indicating economic expansion.

Output per Worker

A measure of labor productivity calculated by dividing total output by the total number of workers.

Marginal Revenue Product

Marginal Revenue Product is the additional revenue generated from using one more unit of a resource or factor of production, holding other factors constant.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and it has little to no power to set prices for its products or services.