The balance shown in the August bank statement of Colt Company was $23,200. After examining the August bank statement and items included with it, the company's accountant found: What is the amount of cash that should be reported in the balance sheet as of August 31?

Question

The balance shown in the August bank statement of Colt Company was $23,200. After examining the August bank statement and items included with it, the company's accountant found:  What is the amount of cash that should be reported in the balance sheet as of August 31?

Quizplus · Accepted Answer

Bank balance ($23,200) + deposits outstanding ($1,800) - checks outstanding ($4,300) = $20,700.

The Balance Shown in the August Bank Statement of Colt