In preparing a bank reconciliation, a firm must show that the adjusted bank balance equals the adjusted book balance. If the original book balance is $1,700 and there is $50 of interest received from the bank, $100 of EFT (electronic funds transfer into the account), and an insufficient funds check of $30 issued by the company, then what is the adjusted book balance?

$1,820

$1,880

$1,620

Not able to be determined from the facts

In preparing a bank reconciliation, a firm must show that the adjusted bank balance equals the adjusted book balance. If the original bank balance is $1,500 and there is $200 of outstanding checks and $300 of deposits in transit, then what is the adjusted bank balance?

$1,000

$1,600

$1,300

Not able to be determined from the facts

A high gross profit percentage indicates

means that the company is earning more gross profit than net income

means that the company has earned profit from operations than other companies in the same industry

means that the company is collecting a high portion of it's receivables in cash (that is coming from inventory sales)

means that the company is selling products for a greater markup over its cost.

FOB Shipping Point indicates that the seller

Must record revenue when the goods arrive at the shipping department

Must record revenue when the goods leave the shipping department

Must record expenses when the goods arrive at the shipping department

Must record a reduction in equity when the goods arrive at the shipping department