Ted's Toys just reconciled its bank account and has $12,300 in outstanding deposits and $31,400 in checks outstanding. The firm's checkbook has a positive balance. The firm sells on a cash basis only and deposits its receipts on a daily basis. The deposited funds are available to the firm the following day. The firm writes and mails checks on a daily basis also. These checks generally clear the bank in three days. What do you know about the firm's float given this information?  A.  The firm has disbursements float but no collection float.   B.  The collection float exceeds the disbursement float.   C.  The firm has a net collection float.   D.  The disbursement float exceeds the collection float.   E.  Since transactions occur daily, the firm has no float.

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2.   The June 30 bank reconciliation also reported outstanding checks of $680. During the month of July, Dawes Company's books show that $17,200 of checks were issued. The bank statement showed that $16,400 of checks cleared the bank in July   (b) In situation (2), what were the outstanding checks at July 31? Outstanding checks at July 31

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Pluto Company maintains a checking account at the City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The August bank statement included the following information:   Balance, August 1                                                                               Php         750,000 Deposits                                                                                                          2,000,000 Checks processed                                                                                            1,750,000 Service charge                                                                                                                  50,000 NSF check                                                                                                            150,000 Monthly loan payment deducted by bank from account                                   125,000   Deposits outstanding totaled Php 150,000 and all checks written by…

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You are performing a bank reconciliation for August 20X1. The balance per bank is $21,863; the ledger Cash balance, $17,250. Outstanding checks are as follows:              Check Number             Amount                     2003                           $   560                     2004                                910                     2008                             1,700                     2009                             2,110 You have also identified the following: A $13 bank service charge for August An NSF check for $720 Check #1996, made out to Local Gas & Electric for $798, was booked as $870 A $6 charge for your bank’s Web Banking, which the company does not use To reconcile the balance per book to the balance per bank will require adjusting the book balance by: $661 $727 $733 $648

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