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    Problem 8 - 14

    Uploaded by

    Jao Flores
    Emphatic Company provided data on bank charges, outstanding checks, deposits in transit, customer notes collected and charged to the account. To calculate the adjusted cash in bank, we add deposits in transit and amounts collected, and subtract bank charges and outstanding checks. The adjusted cash in bank is $5,300,000. Endemic Company provided data on bank statements, book balances, outstanding checks, deposits in transit, NSF checks and loan proceeds to reconcile the cash accounts. To calculate the cash in bank, we add deposits in transit and loan proceeds collected, and subtract outstanding checks, NSF checks and erroneous credits. The cash in bank to report is $1,500,000.

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    Problem 8 - 14

    Uploaded by

    Jao Flores
    249 views2 pages
    Emphatic Company provided data on bank charges, outstanding checks, deposits in transit, customer notes collected and charged to the account. To calculate the adjusted cash in bank, we add deposits in transit and amounts collected, and subtract bank charges and outstanding checks. The adjusted cash in bank is $5,300,000. Endemic Company provided data on bank statements, book balances, outstanding checks, deposits in transit, NSF checks and loan proceeds to reconcile the cash accounts. To calculate the cash in bank, we add deposits in transit and loan proceeds collected, and subtract outstanding checks, NSF checks and erroneous credits. The cash in bank to report is $1,500,000.

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    Emphatic Company provided data on bank charges, outstanding checks, deposits in transit, customer notes collected and charged to the account. To calculate the adjusted cash in bank, we add deposits in transit and amounts collected, and subtract bank charges and outstanding checks. The adjusted cash in bank is $5,300,000. Endemic Company provided data on bank statements, book balances, outstanding checks, deposits in transit, NSF checks and loan proceeds to reconcile the cash accounts. To calculate the cash in bank, we add deposits in transit and loan proceeds collected, and subtract outstanding checks, NSF checks and erroneous credits. The cash in bank to report is $1,500,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    249 views2 pages

    Problem 8 - 14

    Uploaded by

    Jao Flores
    Emphatic Company provided data on bank charges, outstanding checks, deposits in transit, customer notes collected and charged to the account. To calculate the adjusted cash in bank, we add deposits in transit and amounts collected, and subtract bank charges and outstanding checks. The adjusted cash in bank is $5,300,000. Endemic Company provided data on bank statements, book balances, outstanding checks, deposits in transit, NSF checks and loan proceeds to reconcile the cash accounts. To calculate the cash in bank, we add deposits in transit and loan proceeds collected, and subtract outstanding checks, NSF checks and erroneous credits. The cash in bank to report is $1,500,000.

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    Problem 8 – 14:

    Emphatic Company provided the following data at the current month – end:

    Balance per book 4,000,000


    Bank charges 10,000
    Outstanding checks 950,000
    Deposit in transit 1,200,000
    Customer note collected by bank 1,500,000
    Interest on customer note 60,000
    Customer check returned NSF 250,000
    Depositor’s note charged to account 1,000,000

    What is the adjusted cash in bank?

    a) 4,300,000
    b) 5,300,000
    c) 4,250,000
    d) 4,000,000

    Problem 8 – 15:

    Endemic Company provided the following data for the purpose of reconciling the cash balance
    per book with the cash balance per bank statement on December 31:

    Balance per bank statement 2,000,000


    Balance per book 850,000
    Outstanding checks (including certified check of P 100,000) 500,000
    Deposit in transit 200,000
    December NSF checks (of which P 50,000 had been
    redeposited and cleared by December 27) 150,000
    Erroneous credit to Endemic account, representing proceeds
    of loan granted to another entity 300,000
    Proceeds of note collected by bank for Endemic, net
    of service charge of P 20,000 750,000

    What is the cash in bank to be reported on December 31?

    a) 1,400,000
    b) 1,500,000
    c) 1,450,000
    d) 1,800,000

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