The following information was taken from a company’s bank reconciliation at the end of the year: Bank balance$9,000Checks outstanding$7,400Note collected by the bank$1,800Service fee$33Deposits outstanding$4,700NSF check$330 What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice $6,267. $6,300. $10,470. $8,670.

Cash Balance: The quantity of money on hand is referred to as the cash balance. This is calculated…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9EB: Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance:...

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The following information was taken from a company’s bank reconciliation at the end of the year:


Bank balance	$	9,000
Checks outstanding	$	7,400
Note collected by the bank	$	1,800
Service fee	$	33
Deposits outstanding	$	4,700
NSF check	$	330

What is the correct cash balance that should be reported in the company's balance sheet at the end of the year?

Multiple Choice

$6,267.
$6,300.
$10,470.
$8,670.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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