Roper Electronics Received Its Bank Statement for the Month of August

question 61

Essay

Roper Electronics received its bank statement for the month of August with an ending balance of $11,740.Roper determined that check #613 for $155 and check #601 for $420 were both outstanding.Also,a $6,900 deposit for August 30 was in transit as of the end of the month.Northern Regional Bank also collected a $5,000 note receivable on August 1 that was issued March 1.Accrued interest is $250.Northern Regional Bank charged a $35 fee for the collection service.The bank statement reveals a bank service charge of $20.A customer check for $68 was returned with the bank statement marked "NSF." The ending balance of the Roper cash account is $12,938.
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Prepare a bank / account reconciliation and any necessary journal entries for the reconciliation.

Understand the basics and purposes of common size statements and trend statements.

Recognize the value of cross-sectional and time-series analyses in financial statement analysis.

Grasp the role of financial statement information in assessing a company's economic activities and condition.

Comprehend the impact of management's reporting choices on financial analysis.

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Definitions:

Indifference Curve

A graphical representation of different bundles of goods between which a consumer is indifferent, showing levels of utility.

Indifference Curves

Graphs representing different combinations of two goods that provide the same level of utility or satisfaction to a consumer.

Optimal Consumption

The consumption point at which a consumer achieves the highest possible satisfaction from available resources.

Loaves

Units of bread or any baked product that are shaped and sized for slicing, often made from a dough or batter.