Which of the following would be subtracted from the bank statement balance when preparing a bank reconciliation?
a. deposit in transits.
b. outstanding checks.
c. notes collected by the bank.
d. bank service charges.
Question 2
Assume ABC sells two items and uses the LIFO method of inventory valuation. What amount would appear for cost of goods sold on the income statement?
a. 37
b. 41
c. 22
d. 31
