The cash account for pala medical co. at june 30, 20y1, indicated a balance of $82,726. the bank statement indicated a balance of $128,040 on june 30, 20y1. comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a. checks outstanding totaled $34,090.
b. a deposit of $18,430, representing receipts of june 30, had been made too late to appear on the bank statement.
c. the bank collected $31,779 on a $29,700 note, including interest of $2,079.
d. a check for $1,900 returned with the statement had been incorrectly recorded by pala medical co. as $190. the check was for the payment of an obligation to skyline supply co. for a purchase on account.
e. a check drawn for $370 had been erroneously charged by the bank as $730.
f. bank service charges for june amounted to $55.

instructions

1. prepare a bank reconciliation. refer to the amount descriptions list provided for the exact wording of the answer choices for text entries. "add: " & "deduct: " will automatically appear if it is required. for those boxes in which you must enter subtracted or negative numbers use a minus sign.

2. journalize the necessary entries. refer to the chart of accounts for exact wording of account titles.

3. if a balance sheet were prepared for pala medical co. on june 30, 20y1, what amount should be reported as cash?

Sheldon has the following year-end account balances: accounts receivable, $5,000; supplies, $12,000; equipment, $18,000; accounts payable, $17,000; stockholders’ equity, $43,000. the cash account balance was not available at year-end. given the account balances listed, the balance in the cash account should be?

Asavings account that pays interest every 3 months is said to have a interest period

Selected information about income statement accounts for the reed company is presented below (the company's fiscal year ends on december 31): 2018 2017sales $ 4,400,000 $ 3,500,000cost of goods sold 2,860,000 2,000,000administrative expenses 800,000 675,000selling expenses 360,000 312,000interest revenue 150,000 140,000interest expense 200,000 200,000loss on sale of assets of discontinued component 50,000 —on july 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by gaap. the assets of the component were sold on september 30, 2018, for $50,000 less than their book value. results of operations for the component (included in the above account balances) were as follows: 1/1/18-9/30/18 2017 sales $ 400,000 $ 500,000 cost of goods sold (290,000 ) (320,000 )administrative expenses (50,000 ) (40,000 )selling expenses (20,000 ) (30,000 )operating income before taxes $ 40,000 $ 110,000 in addition to the account balances above, several events occurred during 2018 that have not yet been reflected in the above accounts: a fire caused $50,000 in uninsured damages to the main office building. the fire was considered to be an infrequent but not unusual event.inventory that had cost $40,000 had become obsolete because a competitor introduced a better product. the inventory was sold as scrap for $5,000.income taxes have not yet been recorded.required: prepare a multiple-step income statement for the reed company for 2018, showing 2017 information in comparative format, including income taxes computed at 40% and eps disclosures assuming 300,000 shares of common stock. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)