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20.07.2022 - 04:48

Finley, Inc.’s checkbook balance on December 31, 2014 was $42,400. In addition, Finley held the following items in its safe on December 31. (1) A check for $900 from Peters, Inc. received December 30,

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Finley, Inc.’s checkbook balance on December 31, 2014 was $42,400. In addition, Finley held the following items in its safe on December 31. (1) A check for $900 from Peters, Inc. received December 30, 2014, which was not included in the checkbook balance. (2) An NSF check from Garner Company in the amount of $1,800 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2015. The original deposit has been included in the December 31 checkbook balance. (3) Coin and currency on hand amounted to $2,900. The proper amount to be reported on Finley’s balance sheet for cash at December 31, 2014 is a.$42,600. b.$40,800. c.$44,400. d.$43,550.

Answers (1)

Elois April 7, 2023 в 14:09

The proper amount to be reported on Finley's balance sheet for cash at December 31, 2014 is: b. $40,800. Explanation: To calculate the proper amount for cash on Finley's balance sheet, we need to add the check from Peters, Inc. ($900) and the coin and currency on hand ($2,900), and subtract the NSF check from Garner Company ($1,800). $42,400 (checkbook balance) + $900 (check from Peters, Inc.) + $2,900 (coin and currency on hand) - $1,800 (NSF check) = $44,400 - $1,800 = $42,600 However, we need to remember that the NSF check was already included in the checkbook balance, so we need to subtract it only once. $42,400 (checkbook balance) + $900 (check from Peters, Inc.) + $2,900 (coin and currency on hand) - $1,800 (NSF check) = $40,800 Therefore, the proper amount to be reported on Finley's balance sheet for cash at December 31, 2014 is $40,800.

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