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MBA 5100 - Quiz 5 Questions and answers latest update
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MBA 5100 - Quiz 5a bank reconciliation should be prepared periodically because - correct answer any differences between
the depositor's records and the bank's records should be determined, and any errors made by either
party should be discovered and corrected.
Day Time Company records the receipts from cash sales of $41,200 as $12,400. What adjustment is
required by the bank? - correct answer no adjustment needed
A cashed check for $1,900 was erroneously recorded by the bank as $9,100. How is the error adjusted in
a bank reconciliation? - correct answer the amount is added to the cash balance in the bank section of
the reconciliation
The ratio of cash to monthly cash expense is computed as - correct answer cash and cash equivalents
divided by monthly cash expenses
If a company's net cash flows from operating activities is $1,500,000 for a year and its end of the year
cash and cash equivalents balance is $750,000, determine the company's ratio of cash to monthly cash
expenses - correct answer 6:1
=1,500,000/750,000
=2
2/12 months = 1/6
6:1
The bank statement of Jade Co. shows a balance of $4,555 as of December 31. The following reconciling
items were identified:
(i) deposit not recorded in bank statement, $50
(ii) total outstanding checks, $105
(iii)Check of $100 returned because of not sufficient funds (NSF)
What is the adjusted balance according to the bank statement? - correct answer $4,500
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