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Determining the true cash balance, starting with the unadjusted book balance
Smith Company had an unadjusted cash balance of $8,550 as of April 30. The company's bank statement, also dated April 30, included a $100 NSF check written by one of Smith's customers. There were $920 in outstanding checks and $250 in deposits in transit as of April 30. According to the bank statement, service charges were $75, and the bank collected a $700 note receivable for Smith. The bank statement also showed $12 of interest revenue earned by Smith.
Required
Determine the true cash balance as of April 30.
Spotech Co.'s budgeted sales and budgeted cost of sales for the coming year are $212,000,000 and $132,500,000, respectively. Short-term interest rates are expected to average 5%. If Spotech could increase inventory turnover from its current 8.0 ti..
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