The Following Information Is Available for Andersen Company for the Month

question 149

Multiple Choice

The following information is available for Andersen Company for the month ending June 30,2014

. • Balance per the bank statement is $10,241.43.
• Balance per books is $9,745.06.
• Check #506 for $1,948.52 and check #510 for $1,800.25 were not shown on the June 30 bank statement.
• A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated.
• A bank debit memo indicated an NSF check in the amount of $79 written by Bruce Garrett to Andersen Company on June 13.
• A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20.
• The bank statement indicated service charges of $35.

-What is the adjusted bank balance?

• A) $8,876.80
• B) $11,606.06
• C) $19,103.60
• D) $8,152.43

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Definitions:

Special Resolution

A shareholder resolution that requires at least a 75% majority vote to pass, often related to significant corporate actions.

Preference Shares

Shares that give their holders priority over common stockholders in terms of dividend payments and asset liquidation.

Liquidation

The process of winding up a company's affairs by selling off its assets to pay creditors.

Corporation Act

Legislation that governs the behavior of corporations, detailing the legal requirements for forming, operating, and dissolving a corporation.