The balance in a company's Cash account on August 31 was $19,200 before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $ 3,700 NSF check 150 Note collected by bank for the Colt Company 1,600 Deposits outstanding 3,200 Bank service fees 240 What is the amount of cash that should be reported in the balance sheet as of August 31?

Question

07-10-2019
Business

contestada

The balance in a company's Cash account on August 31 was $19,200 before the bank reconciliation was prepared. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $ 3,700 NSF check 150 Note collected by bank for the Colt Company 1,600 Deposits outstanding 3,200 Bank service fees 240 What is the amount of cash that should be reported in the balance sheet as of August 31?

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andromache andromache · Answer 1 · 2019-10-09T12:10:21+02:00

Answer:

The amount of cash that should be reported in the balance sheet as of August 31 is $20,410

Explanation:

The computation of the cash amount which is reported in the balance sheet is shown below:

= Cash balance + Note collected by the bank for the Colt Company - NSF check - bank service fees

= $19,200 + $1,600 - $150 - $240

= $20,410

The other two items which are given in the question are related to the bank balance. So, we do not consider it while computing the correct cash balance.