On May 31, Money Corporation's Cash account showed a balance of $18,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding $ 3,050 Deposits outstanding 2,800 NSF check 160 Service fees 130 Error: Money Corp. wrote a check for $65 but recorded it incorrectly for $650. What is the amount of cash that should be reported in the company's balance sheet as of May 31?

$18,295

Explanation:

This can be calculated using the following equation:

Reconciled book balance = Book balance – NSF check – Service fees + Error difference

Note that checks outstanding and deposits outstanding are not included in the equation they are not adjustment items to the book balance.

Therefore, we can substitute for the values of each item in the equation and have:

Reconciled book balance = $18,000 - $160 - $130 + ($650 – $65) = $18,295

Therefore, the amount of cash that should be reported in the company's balance sheet as of May 31 is $18,295.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

answerangel investor;