Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter 4, Problem 2YT
To determine
Compute Person G’s cash balance.
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Students have asked these similar questions
Nickleson Company had an unadjusted cash balance of $9,114 as of May 31. The
company's bank statement, also dated May 31, included an NSF check in the amount
of $93 written by one of Nickleson's customers. There were $433 in outstanding
checks and $280 in deposits in transit as of May 31. According to the bank statement,
service charges were $45, and the bank collected a note receivable of $700 for
Nickleson. The bank statement also showed $9 of interest revenue earned by
Nickleson.
Required
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the
preceding items to determine the true balance.)
True cash balance
$ 9,689 x
Nickleson Company had an unadjusted cash balance of $9,116 as of May 31. The company's bank statement, also dated May 31,
included a $92 NSF check written by one of Nickleson's customers. There were $1,078 in outstanding checks and $250 in deposits in
transit as of May 31. According to the bank statement, service charges were $100, and the bank collected a $900 note receivable for
Nickleson. The bank statement also showed $18 of interest revenue earned by Nickleson.
Required
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
True cash balance
Nickleson Company had an unadjusted cash balance of $9,841 as of May 31. The company’s bank statement, also dated May 31, included a $64 NSF check written by one of Nickleson’s customers. There were $640 in outstanding checks and $200 in deposits in transit as of May 31. According to the bank statement, service charges were $85, and the bank collected an $800 note receivable for Nickleson. The bank statement also showed $9 of interest revenue earned by Nickleson. Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Please don't provide imagr based answer..thanku
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1YTCh. 4 - Prob. 2YTCh. 4 - Suppose at the end of the year Pendleton Corp.s...Ch. 4 - Prob. 4YTCh. 4 - Prob. 5YTCh. 4 - Prob. 6YTCh. 4 - Prob. 7YTCh. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3Q
Ch. 4 - Prob. 4QCh. 4 - What does true cash balance refer to?Ch. 4 - Identify and explain the financial statements on...Ch. 4 - Describe how accounts receivable arise. What does...Ch. 4 - Prob. 8QCh. 4 - Define net realizable value, book value, and...Ch. 4 - Explain the difference between the direct...Ch. 4 - If a company uses the allowance method of...Ch. 4 - Describe the two allowance methods used to...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - Which method of calculating the allowance for...Ch. 4 - What are the advantages and disadvantages of...Ch. 4 - What is the difference between accounts receivable...Ch. 4 - What is the formula to calculate the accounts...Ch. 4 - How does a firm use its accounts receivable...Ch. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Prob. 9MCQCh. 4 - Prob. 1SEACh. 4 - Prob. 2SEACh. 4 - Prob. 3SEACh. 4 - Prob. 4SEACh. 4 - Prob. 5SEACh. 4 - Prob. 6SEACh. 4 - Prob. 7SEACh. 4 - Prob. 8SEACh. 4 - Prob. 9SEACh. 4 - Prob. 10SEBCh. 4 - Prob. 11SEBCh. 4 - Prob. 12SEBCh. 4 - Prob. 13SEBCh. 4 - Prob. 14SEBCh. 4 - Prob. 15SEBCh. 4 - Prob. 16SEBCh. 4 - Prob. 17SEBCh. 4 - Prob. 18SEBCh. 4 - Prob. 19EACh. 4 - Prob. 20EACh. 4 - Prob. 21EACh. 4 - Prob. 22EACh. 4 - Prob. 23EACh. 4 - Prob. 24EACh. 4 - Prob. 25EACh. 4 - Prob. 26EACh. 4 - Prob. 27EACh. 4 - Prob. 28EACh. 4 - Prob. 29EACh. 4 - Prob. 30EACh. 4 - Prob. 31EACh. 4 - Prob. 32EBCh. 4 - Prob. 33EBCh. 4 - Prob. 34EBCh. 4 - Prob. 35EBCh. 4 - Prob. 36EBCh. 4 - Prob. 37EBCh. 4 - Prob. 38EBCh. 4 - Prob. 39EBCh. 4 - Prob. 40EBCh. 4 - Prob. 41EBCh. 4 - Prob. 42EBCh. 4 - Prob. 43EBCh. 4 - Prob. 44EBCh. 4 - Prob. 45PACh. 4 - Prob. 46PACh. 4 - Prob. 47PACh. 4 - Prob. 48PACh. 4 - Prob. 49PACh. 4 - Prob. 50PACh. 4 - Prob. 51PACh. 4 - Prob. 52PACh. 4 - Prob. 53PBCh. 4 - Prob. 54PBCh. 4 - Prob. 55PBCh. 4 - Prob. 56PBCh. 4 - Prob. 57PBCh. 4 - Prob. 58PBCh. 4 - Prob. 59PBCh. 4 - Prob. 60PBCh. 4 - Prob. 1FSACh. 4 - Prob. 2FSACh. 4 - The following information has been adapted from...Ch. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - The information given here was taken from Yahoo!...Ch. 4 - Prob. 1IECh. 4 - Prob. 2IECh. 4 - The information given here was taken from Yahoo!...
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- On July 31, Cullumber Ltd. had a cash balance of $10,870 in its general ledger. The bank statement from the Caisse Populaire on that date showed a balance of $18,276. A comparison of the bank statement with the Cash account revealed the following: 1. The bank statement included service charges and debit and credit card processing fees of $94. 2. The bank statement included electronic collections from customers on account totalling $4,400. Cullumber had not recorded the EFT. 3. A deposit of $2,600 made by another company was incorrectly added to Cullumber’s account by the Caisse Populaire. 4. Salaries of $3,520 were paid electronically during the month. The company has already recorded these. 5. Cheques outstanding on June 30 totalled $2,310. Of these, $1,810 worth cleared the bank in July. All cheques written in July cleared the bank in July. PART A) Prepare the bank reconciliation at July 31. (List items that increase balance as per bank & books first.)…arrow_forwardThe accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company's April 30 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company's computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items: a. The bank statement showed bank service fee of P800 b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250 was charged. c. Deposits in transit, P51,000. d. Checks outstanding on May 31, P79,100. e. The accountant found a check issued to Rhys Corp. for P4,50 that cleared the bank but was not in the cash ledger. Required: Prepare a Bank Reconciliation Statementarrow_forwardEgrane, Incorporated's monthly bank statement showed the ending balance of cash of $20,400. The bank reconciliation for the period showed an adjustment for a deposit in transit of $2,450, outstanding checks of $3,900, an NSF check of $2,600, bank service charges of $125 and the EFT from a customer in payment of the customer's account of $3,400. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)?arrow_forward
- A company's general ledger shows a cash balance of $2,350. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as deposits outstanding of $1,750, note collected by the bank on the company's behalf of $1,400, and interest earned of $33. The company also finds an error by the bank of an additional deposit of $140. Calculate the correct balance of cash. Cash balançearrow_forwardThe April 30 bank statement for Trimble Corporation shows an ending balance of $37,169. The unadjusted cash account balance was $30,950. The accountant for Trimble gathered the following information: 1. There was a deposit in transit for $4,778. 2. The bank statement reports a service charge of $104. 3. A credit memo included in the bank statement shows interest earned of $455. 4. Outstanding checks totaled $12,316. 5. The bank statement included a $1,670 NSF check deposited in April. What is the true cash balance as of April 30? Multiple Ch ice $27,961 $29,631 $34,409 $33,954arrow_forwardAdversary Company kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information: The cash balance per book on June 30 is P8,500,000. A deposit of P1,000,000 that was placed in the bank's night depository on June 30 does not appear on the bank statement. • The bank statement shows on June 30, the bank collected note for adversary Company and credited the proceeds of P950,000 to the entity's account. Checks outstanding on June 30 amount to P300,000. Adversary Company discovered that a check written in June for P200,000 in payment of an account payable had been recorded in the entity's records as P20,000. Include with the June bank statement was NSF check for 250,000 that adversary Company had received from a customer on June 26. The bank statement shows a P20,000 service charge for June. What amount should be reported as cash in bank on June 30?arrow_forward
- Adversary Company kept all cash in a checking account. An examination of the accounting records and bank statement for the month of June revealed the following information: The cash balance per book on June 30 is P8,500,000. • A deposit of P1,000,000 that was placed in the bank's night depository on June 30 does not appear on the bank statement. • The bank statement shows on June 30, the bank collected note for adversary Company and credited the proceeds of P950,000 to the entity's account. • Checks outstanding on June 30 amount to P300,000. Adversary Company discovered that a check written in June for P200,000 in payment of an account payable had been recorded in the entity's records as P20,000. Include with the June bank statement was NSF check for 250,000 that adversary Company had received from a customer on June 26. The bank statement shows a P20,000 service charge for June. What is the net adjustment to cash in bank on June 30? A.Net debit P950,000 B.Net credit P450,000 C.Net…arrow_forwardBrown Company's bank statement for September 30 showed: Bank statement balance. $4,210 Book balance of cash. $6,560 The following information was also available as of September 30 a. A customer's check for $950 marked NSF was returned to Brown Company by the bank, In addition, the bank charged the company's account a $30 processing fee. b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement. c. Outstanding checks amounted to $3,910. d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2,918.arrow_forwardHosung Company's Cash account shows a balance of $801.65 as of August 31 of this year. The balance on the bank statement on that date is $1,383.00. Checks for $260.50, $425.10, and $331.00 are outstanding. The bank statement shows a check issued by another depositor for $237.25 (in other words, the bank made an error and charged Hosung Company for a check written by another company). The bank statement also shows an NSF check for $180 received from one of Hosung's customers. Service charges for the month were $18. What is the adjusted ledger balance of cash as of August 31? Round your answer to two decimal places.arrow_forward
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