Reference no: EM132523898

Point 1: The following information is collected on December 31, 2016. The company has a December 31 year-end. Only after the company's accountant receives the bank statement on Dec. 31, 2016, she realized that the total NSF (Non-sufficient fund) check amounts are $900. The total EFT (Electronic Fund Transfer) collections and other deposits are $600. Among $600, $300 is already known by the company's accountant but only $200 is reflected in the company's cash balance before the completion of the bank reconciliation. The total deposit in transit is $400, while total outstanding check amount is $300. The total bank service charges and other hidden fees are $100. Among $100, $70 is already known by the company's accountant but only $10 is reflected in the company's cash balance before the completion of the bank reconciliation. While there are no errors from the bank, the company's accountant incorrectly recorded and recognized $840 in cash when the company wrote the check of $480 in order to pay its suppler for the inventory purchase. Assume that the unadjusted cash balance from the company's book is $650.

Question 1: Calculate the final adjusted cash balance.