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Henderson Company had an unadjusted cash balance of $7,215 as of May 31. The company's bank statement, also dated May 31, included a $68 NSF check written by one of Henderson's customers. There were $750 in outstanding checks and $930 in deposits in transit as of May 31. According to the bank statement, service charges were $50, and the bank collected a $500 note receivable for Henderson. The bank statement also showed $13 of interest revenue earned by Henderson.
Required:
Determine the true cash balance as of May 31.
Based on its physical count of inventory in its warehouse at year-end, December 31, 2014, Madison Company planned to report inventory of $34,500.
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In addition to the expenses listed above, the company had $450,000 of common fixed expenses which it allocated to each division based on their percentage of total service revenue earned.
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