Business, 05.11.2019 05:31 Hrjohnson2004

King corporation often transfers funds from its general account into a special account that is used exclusively to make debt payments. near the end of the year, the company had the following transfers: from general account to special account amount recorded in books recorded by bank recorded in books recorded by bank $ 35,000 12/29/13 1/2/14 12/31/13 12/31/13 $ 20,000 12/30/13 12/31/13 1/2/14 1/2/14 $ 30,000 12/31/13 1/2/14 12/31/13 1/2/14 $ 40,000 1/2/14 1/4/14 12/31/13 1/3/14 given the information above, choose the correct statement about king’s cash balance: multiple choice cash is overstated by $15,000. cash is overstated by $40,000. cash is fairly stated. cash is overstated by $20,000.

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King corporation often transfers funds from its general account into a special account that is used...