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    An Examination of The Cash Activities During The Year Shows

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    Miroslav Gegoski
    Suzie, owner of Great Adventures, had not reconciled the company's cash balance to the bank statements since starting the business. When she obtained a six-month bank statement from Summit Bank, she found the bank balance of $50,500 was substantially less than the company's recorded balance of $64,200. Failure to regularly reconcile the accounts meant the financial reports for assets, liabilities, equity, revenues and expenses were inaccurate.

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    An Examination of The Cash Activities During The Year Shows

    Uploaded by

    Miroslav Gegoski
    106 views1 page
    Suzie, owner of Great Adventures, had not reconciled the company's cash balance to the bank statements since starting the business. When she obtained a six-month bank statement from Summit Bank, she found the bank balance of $50,500 was substantially less than the company's recorded balance of $64,200. Failure to regularly reconcile the accounts meant the financial reports for assets, liabilities, equity, revenues and expenses were inaccurate.

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    An Examination of the Cash Activities During the Year Shows

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    An Examination of the Cash Activities During the Year Shows

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    Suzie, owner of Great Adventures, had not reconciled the company's cash balance to the bank statements since starting the business. When she obtained a six-month bank statement from Summit Bank, she found the bank balance of $50,500 was substantially less than the company's recorded balance of $64,200. Failure to regularly reconcile the accounts meant the financial reports for assets, liabilities, equity, revenues and expenses were inaccurate.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    106 views1 page

    An Examination of The Cash Activities During The Year Shows

    Uploaded by

    Miroslav Gegoski
    Suzie, owner of Great Adventures, had not reconciled the company's cash balance to the bank statements since starting the business. When she obtained a six-month bank statement from Summit Bank, she found the bank balance of $50,500 was substantially less than the company's recorded balance of $64,200. Failure to regularly reconcile the accounts meant the financial reports for assets, liabilities, equity, revenues and expenses were inaccurate.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    An examination of the cash activities during the year

    shows #8749
    An examination of the cash activities during the year shows

    An examination of the cash activities during the year shows the following.
    GREAT ADVENTURES
    Cash Account Records
    July 1, 2015, to December 31, 2015

    Suzie has not reconciled the company’s cash balance with that of the bank since the company
    was started. She asks Summit Bank to provide her with a six-month bank statement. To save
    time, Suzie makes deposits at the bank only on the first day of each month.

    Summit Bank
    Leading You to the Top
    Member FDIC

    After comparing the two balances, Suzie has some concern because the bank’s balance of
    $50,500 is substantially less than the company’s balance of $64,200.

    Required:
    1. Discuss any problems you see with Great Adventures’ internal control procedures related to
    cash.
    2. Prepare Great Adventures’ bank reconciliation for the six-month period ended December 31,
    2015 and any necessary entries to adjust cash.
    3. How did failure to reconcile the bank statement affect the reported amounts for assets,
    liabilities, stockholders’ equity, revenues, andexpenses?

    An examination of the cash activities during the year shows

    ANSWER
    http://paperinstant.com/downloads/an-examination-of-the-cash-activities-during-the-year-shows/

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