On May 31, Money Corporation's Cash account showed a balance of $11,500 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 $2,250
Deposits outstanding 3,500
NSF check 280
Service Charges 70
Error: Money Corp. wrote a check for $100 but recorded it incorrectly for $1,000.

What is the amount of cash that should be reported in the company's balance sheet as of May 31?

$12,050 Answer

How did you get that answer?

The amberssen specialty company is a chain of twelve retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the toronto area. amberssen has an is staff of three people who have created a simple but effective information system of networked point-of-sale registers at the stores and a centralized accounting system at the company head- quarters. harry hilman, the head of amberssens is group, has just received the following memo from bill amberssen, sales director (and son of amberssen’s founder). harry—it’s time amberssen specialty launched itself on the internet. many of our competitors are already there, selling to customers without the expense of a retail storefront, and we should be there too. i project that we could double or triple our annual revenues by selling our products on the internet. i’d like to have this ready by - giving, in time for the prime holiday gift-shopping season. bill after pondering this memo for several days, harry scheduled a meeting with bill so that he could clarify bill’s vision of this venture. using the standard con- tent of a system request as your guide, prepare a list of questions that harry needs to have answered about this project.

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