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On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,00 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance

On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,00 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,000 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance
Transcribed Image Text:On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,000 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance
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