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The following information was taken from the bank reconciliation for Lawn Mower, Inc, at the end of the year: Bank balance: $8,000 Checks outstanding: $4,000
The following information was taken from the bank reconciliation for Lawn Mower, Inc, at the end of the year: Bank balance: $8,000 Checks outstanding: $4,000 Note collected by the bank: $2,000 Service fee: $50 Deposits outstanding: $1,000 NSF check returned for $200 What is the correct cash balance that should be reported in Lawn Mower, Inc.s balance sheet at the end of the year (after all necessary adjustments)? a. $5,000 b. $10,250 c. $11,000 d. $10,000
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