A Bank Statement Shows a Balance of $8,445 at June

question 156

Multiple Choice

A bank statement shows a balance of $8,445 at June 30.The bank reconciliation is prepared and includes outstanding checks of $2,790,deposits in transit of $1,350,and a bank service charge of $30.Among the paid checks returned by the bank was check no.900 in the amount of $600,which the company had erroneously recorded in the accounting records as $60.The "adjusted cash balance" at June 30 is:

• A)$6,975.
• B)$6,465.
• C)$7,005.
• D)$7,575.

Relate Canadian social policies to poverty and inequality.

Analyze the role of taxes in economic inequality.

Explain the concepts of social and cultural capital.

Understand the significance of educational attainment in mitigating inequality.

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Definitions:

Retained Earnings

The portion of net income that is kept by the company rather than distributed to shareholders in the form of dividends to be reinvested in the business or pay off debt.

Financial Position Accounts

Accounts that provide information about the resources, obligations, and net worth of an entity at a specific point in time.

Statement Of Income Accounts

A financial report that shows a company's revenues, expenses, and net income over a specific period, highlighting its profitability.

Accounting Cycle

Describes the systematic process of recording and processing all financial transactions of a company, from when the transaction occurs to its representation in the financial statements.