The Following Information Was Taken from the Bank Reconciliation for Mooner

question 172

Multiple Choice

The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of 2012: Bank balance: $8,000
Checks outstanding: $5,800
Note collected by the bank: $1,500
Service fee: $20
Deposits outstanding: $4,000
NSF check (bad check) returned for $300
What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of 2012?

• A) $10,200.
• B) $7,400.
• C) $6,200.
• D) $6,160.

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Definitions:

Situation

The set of circumstances or the context in which an event occurs or a condition exists.

Central Characteristics

The defining qualities, traits, or features that are at the heart of something, such as a concept, organization, or individual's personality.

Opportunity

A way of generating profit through unique, novel, or desirable products or services that have not been previously exploited.

Potential Economic Value

The projected worth or economic benefit that an asset, investment, or business initiative is expected to generate in the future.