Answer Happy

Choose the one alternative that best completes the statement or answers the question. Each carries '2' marks. 16) A cash budget does all of the following EXCEPT: A) controls operations. B) determines if the company will need to borrow money. C) helps coordinate business activities. D) helps a company manage cash by planning receipts and payments. 17) Hints of where fraud, mistakes or financial harm can occur in a company is called: A) control procedures. C) the control environment. 18) If a bank statement included a bank collection and related interest revenue, the journal entry to record this reconciling item should include a: A) debit to Note Receivable. C) debit to Cash. B) the tone at the top. D) risk assessment. A) $10,060 C) $8,900 19) The ending bank statement balance for November is $9,845. The bank statement shows a service charge of $95, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $2,050 and outstanding checks are $1,835. What is the adjusted bank balance? B) $13,730 D) $10,115 B) debit to Note Payable. D) credit to Cash. 20) An entity is authorized to sell 60,000 shares of $11 par, 6% cumulative preferred stock and 110,000 shares of $7 par common stock. There are 30,000 shares of preferred stock outstanding and 90,000 shares of common stock outstanding. A $50,000 cash dividend has been declared by the board of directors. No dividends in arrears exist. What is the total amount to be given to the preferred shareholder?