On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,00 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance

On January 25, Coot Company has $380,000 deposited with a local bank. On January 27, the company writes and mails checks of $33,000 and $73,00 to suppliers. At the end of the month, Coot's financial manager deposits a $58,000 check received from a customer in the morning mail and picks up the end-of-month account summary from the bank. The manager notes that only the $33,000 payment of the 27th has cleared the bank. What is the company's available balance with its bank? Available balance

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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