Carl Roen had a balance of $1,700 in his checking account at First National Bank on a day when the bank received the following fivechecks for processing against his account.CheckNumberCheckAmountNumberAmount3150$1353165$750316240031661,7103169380Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processedchecks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number?Fee revenue(1)Largest to smallest$so(2)Smallest to largest$30(3)In order of check number$60

Bouncing charges are the charges recovered by banks or financial institutions when a check presented…

Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number?

Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Carl Roen had a balance of $1,700 in his checking account at First National Bank on a day when the bank received the following five
checks for processing against his account.
Check
Number
Check
Amount
Number
Amount
3150
$135
3165
$750
3162
400
3166
1,710
3169
380
Assuming a $130 fee assessed by the bank for each bounced check, how much fee revenue would the bank generate if it processed
checks (1) from largest to smallest, (2) from smallest to largest, and (3) in order of check number?
Fee revenue
(1)
Largest to smallest
$
so
(2)
Smallest to largest
$
30
(3)
In order of check number
$
60

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