7 Damon Company receives its monthly bank statement, which reports a balance of $1,975. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total $4,100 and checks outstanding total $4,350. Required: Calculate the reconciled bank balance for cash. (Amounts to be deducted should be indicated with a minus sign.) Bank balance Deposits outstanding Checks outstanding Reconciled bank balance $ 1,975

Damon Company receives its monthly bank statement, which reports a balance of $1,975. After comparing this to the company's cash records, Damon's accountants determine that deposits outstanding total $4,100 and checks outstanding total $4,350. Required: Calculate the reconciled bank balance for cash. (Amounts to be deducted should be indicated with a minus sign.)