The Following Data Were Gathered to Use in Reconciling the Bank

question 100

Multiple Choice

The following data were gathered to use in reconciling the bank account of Savannah Company: $$\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 16,750 \\\hline \text { Balance per company records } & 16,125 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposit in transit } & 2,195 \\\hline \text { NSF check } & 950 \\\hline \text { Outstanding checks } & 3,850 \\\hline\end{array}$$
What is the adjusted balance on the bank reconciliation?

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Definitions:

Disposable Income

The amount of money a household has available for spending and saving after income taxes have been accounted for.

Consumption Function

A macroeconomic concept that describes the relationship between total consumption and gross national income.

Consumption Function

An economic formula that represents the relationship between total consumer spending and total national income.

Household Wealth

The total value of all financial and non-financial assets owned by members of a household minus any liabilities.