On october 31, year 1, a company general ledger shows a checking account balance of $8,448. the company’s cash receipts for the month total $74,660, of which $71,380 has been deposited in the bank. in addition, the company has written checks for $72,518, of which $71,288 has been processed by the bank. the bank statement reveals an ending balance of $12,968 and includes the following items not yet recorded by the company: bank service fees of $320, note receivable collected by the bank of $6,700, and interest earned on the account balance plus from the note of $1,170. after closer inspection, the company realizes that the bank incorrectly charged the company’s account $980 for an automatic withdrawal that should have been charged to another customer’s account. the bank agrees to the error. required: 1. prepare a bank reconciliation to calculate the correct ending balance of cash on october 31, year 1. (amounts to be deducted should be indicated with a minus sign.)

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.  

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.  

The outstanding deposits is computed below:

= Company cash receipts - bank deposited

= $74,660 - $71,380

= $3,280

And, the outstanding checks is computed below:

= Company written checks - Processed by bank

= $72,518 - $71,288

= $1,230

The preparation of the  bank reconciliation statement on May 31  is presented in the spreadsheet. Kindly find the attachment below:

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported