The Balance Shown in the August Bank Statement of Colt

question 63

Multiple Choice

The balance shown in the August bank statement of Colt Company was $23,200.After examining the August bank statement and items included with it,the company's accountant found:
$\begin{array}{lr}\text { Checks outstanding } & \$ 4,300 \\\text { NSF check } & 140 \\\text { Note collected by bank for the Colt Company } & 1,200 \\\text { Deposits outstanding } & 1,800 \\\text { Bank service fees } & 60\end{array}$
What is the amount of cash that should be reported in the balance sheet as of August 31?

• A)$20,700.
• B)$17,200.
• C)$18,700.
• D)$22,200.

---

Definitions:

Simulated Test Markets

A marketing technique used to gather information on consumer response to a product by creating a controlled environment that mimics actual market conditions.

Full-Scale Test Market

A method used in marketing to test the full market potential of a product or service in a specific geographic area or market segment.

Virtual Reality Testing

The process of using virtual reality technology to test and simulate environments, products, or experiences in a controlled, immersive setting.

R&D Lab IDEO

IDEO is a global design and consultancy firm that operates R&D labs for developing innovative solutions in areas like product, branding, and digital experiences.