Question;Saint Leo University (Graduate;Business Studies);MBA560 Financial and Managerial;Accounting;Module 2 Test;Problem 1.;The May 31, 2012, balance per bank statement for Upton Company was;$7,200. The cash balance per books was $9,500. Outstanding checks amounted to;$800, and deposits in transit were $2,400. The bank statement contained an NSF;check for $500, a service charge for $25, and a debit memo for direct payment;of the telephone bill of $175.;Required;1);Prepare a bank reconciliation to determine the;true cash balance at May 31, 2012.;Problem 2.;Scott Company is a merchandising business that was started in 2012.;Scott uses the perpetual inventory system. It experienced the following events;during 2012.;1. Acquired $25,000 cash by issuing common stock;2. Purchased inventory on account that cost $14,000, terms 2/10, n/30;3. Sold inventory that had cost $8,400 for $15,000 cash;4. Paid for the merchandise referred to in event 2, within the discount;period;Required;1) Record the events in the financial statements model below, include;column totals.;2) Prepare an income statement for 2012.;3) What is the amount of total assets at the end of 2012?
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