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Exam 6: Banking and Budgeting

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Question 1

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John Small was looking over his bank statement and jotted down the following information: Could you calculate the ending checkbook balance for John?

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$257.20; $202.02 + $...

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Question 2

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David had the following activity with his checking account during the month of July: -Starting checkbook balance of $701.13 -July 15 electronic payroll deposit of $1,807.44 -Online payment of $109.17 to Ameren Utilities -Online payment of $104.00 to Gas Company -Checks written on July 15 totaling $984.15 -On July 27 he received an electronic payroll deposit of $1,807.43 What was David's checkbook balance as of July 31?

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Question 3

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Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10. The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled balance is:

On Dec. 31 the checkbook balance of Rose Co. was $755.09. The bank statement balance was $602.05. Checks outstanding were $249.54. The statement revealed a deposit in transit of $401.95 as well as a bank service charge of $13.05. The company earned interest income of $12.42. Complete a bank reconciliation for Rose Co.

In the reconciliation process the unrecorded bank service charge is:

An unrecorded credit memo for collection of a note should be:

As the bookkeeper of Moorse Co., you are asked to complete a bank reconciliation from the following: Outstanding checks $ 7,957.80

Online banking is always safe.

Budgets are used to plan monthly cash flow.

The use of smartphones in banking is decreasing.

Jill Gracie's current checkbook balance is $8,900.15. She opened up the bank statement and saw the bank's balance at $7,000.10. After reviewing her records with the bank statement, she discovered a deposit on July 1 not recorded on the statement for $9,821.55. A check written for $7,986.05 had not been returned by the bank. This month the company earned interest of $33.10. The bank charged the company $48.10 for printing new checks. Jill also discovered that a check written for $49.55 was not recorded in the check stubs. The reconciled balance is:

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Andy Finn received a bank statement from Jon Bank indicating a balance of $3,000. Based on Finn's check stubs, the ending checkbook balance was $3,600. Checks outstanding were number 110 for $150, number 115 for $90, and number 118 for $75. Andy noticed a deposit in transit for $900 as well as a bank service charge for $15. Complete the reconciliation for Andy.

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Calculate the balance carried forward:

Which of the following results in crediting the checkbook balance?

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

Calculate the statement balance:

What is the expected cash profit or loss given the following information: Expected merchandise sales (in cash) $125,000 Expected service sales (in cash) $80,000 Expected fixed cash expenses $75,000 Expected variable cash expenses $120,000