Examlex

Solved

At the End of the Accounting Year, December 31, 2004

question 17

Multiple Choice

At the end of the accounting year, December 31, 2004, a company had a petty cash fund balance of $600, a chequing account balance of $34,000 in Bank A, an overdraft of $800 with Bank B, and $4,000 in customer payments in the form of money orders. Assuming no other differences between the company books and the bank balances, what cash amount should the company report on its 2004 balance sheet?


Definitions:

Issued

Refers to the number of shares that a corporation has legally sold to investors and are currently outstanding.

Paid-In Capital

The total amount of cash and other assets that shareholders have given a company in exchange for stock.

Real Estate Transactions

The process of transferring the ownership of real property from one party to another, typically involving a seller and a buyer and often facilitated by real estate professionals.

Stockholders' Equity

The remaining value of a company's assets after all liabilities are subtracted, reflecting the equity held by shareholders.

Related Questions