A Company Received a Bank Statement with a Balance of $6,350

question 20

Multiple Choice

A company received a bank statement with a balance of $6,350. Reconciling items included a bookkeeper error of $300-a $300 check recorded as $600-two outstanding checks totaling $820, a service charge of $25, a deposit in transit of $280, and interest revenue of $21. What is the adjusted bank balance?

• A)$5,636
• B)$5,610
• C)$5,016
• D)$5,810

Understand the difference in viewpoints regarding taxation and economic fairness among economists.

Understand the methodology behind economic theories and the limitations of economic experiments.

Analyze the effects of macroeconomic policies on the national economy.

Examine the enforcement of antitrust laws and its economic implications.

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Definitions:

Economic Order Quantity

A method of inventory control that places new orders when inventory levels fall to predetermined points.

Critical Path

The longest pathway in a CPM/PERT network.

Liquidity Ratios

Financial metrics used to evaluate a company's ability to pay off its short-term liabilities with its liquid assets.

Current Assets

Financial assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business, whichever is longer.