The Stuart bank statement balance is $351,250. Deposits in transit are $46,800 and outstanding checks are $52,900. What adjusted bank balance is calculated?
Correct Answer
B) $345,150
Adjusted bank balance adds deposits in transit and subtracts outstanding checks.
Why This Is the Correct Answer
Adjusted bank balance adds deposits in transit and subtracts outstanding checks.
Why the Other Options Are Wrong
Option A: $357,350
$357,350 is above the supported result for adjusted bank balance; it likely adds an unsupported amount or compares the wrong financial base.
Option C: $450,950
$450,950 is above the supported result for adjusted bank balance; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $298,350
$298,350 is below the supported result for adjusted bank balance; it likely uses the wrong base, period, or account bucket.
Memory Technique
Adjusted drawer for Reconciles Stuart: label bank before counting dollars.
Reference Hint
Open-book path: tab Builder's Guide to Accounting, 2001 to Section Two, Check Writing and Recording, Bank Reconciliation; use the job ledger figures in the stem and recompute the same accounting measure.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?
People Also Study
Related Study Resources
Previous Question
Small tools costing $18,000 are prepaid and expensed evenly over 24 months. After 7 months, what unexpired asset balance remains?
Next Question
The Titusville HR office receives this workplace complaint issue: employee reports harassment by a foreman. Which control is most appropriate?