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The following information was taken from the bank reconciliation for Mooner Sooner Inc. at the end of the year: Bank balance: $8,000 Checks outstanding: $5,800 Note collected by the bank: $1,500 Service fee: $20 Deposits outstanding: $4,000 NSF check (bad check) returned for $300 What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year? Select one:

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agustinsr99

Answer: The correct answer is $ 6200.

Explanation: We must start from the $ 8000 bank balance, to which we will add the outstanding deposits of $ 4000 and finally we will subtract the $ 5800 to arrive at the correct cash balance in the Mooner Sooner balance at the end of the year.

Therefore 8000 + 4000 - 5800 = $ 6200.

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