A Company Received a Bank Statement Showing a Balance of $77,000.Reconciling

question 103

Multiple Choice

A company received a bank statement showing a balance of $77,000.Reconciling items included outstanding cheques of $2300 and a deposit in transit of $9000.What is the company's adjusted bank balance?

• A)$68,000
• B)$70,300
• C)$65,700
• D)$83,700

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Income

The amount of money received by an individual or group over a certain period, often derived from work, investments, or business activities.

Utility Function

A mathematical formula that represents a consumer's preference ranking for various bundles of goods.

Budget Line

A graphical representation that shows all the possible combinations of two goods or services that can be purchased with a given budget, keeping the price of both goods constant.