The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation.
Prepare a bank reconciliation using B & B's Restaurant Supply Inc.'s information for August 31.
- A NSF check from Johnny Jones for $3,164.
- Two deposits made on August 31 were not on the bank statement, totaling $2,897.
- The bank collected an EFT payment for Rent for $2,600.
- August 31 balance in Cash was $2,005.
- The owner had written check #1598 for $500 and recorded this check as $5,000.
- The balance on the bank statement as of August 31 was $5,316.
- Bank service charge of $28 was shown on the bank statement.
- Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.
A bank reconciliation using B & B's Restaurant Supply Inc.'s information for August 31 is prepared in Excel.
Landry's financial statements
Using Landry's Restaurants, Inc. 2003 Annual Report located in Appendix A of the text, Fundamentals of Financial Accounting, prepare a 1,050-1,750-word paper in which you answer ALL of the following questions, relative to the company and its annual report:
a. What does the income statement tell you about the company and its financial performance and condition? Why is this statement important? What business decisions could be made using the income statement?
b. What does the balance sheet tell you about the company and its financial performance and condition? Why is the balance sheet important? What business decisions could be made using the balance sheet?
c. What does the statement of cash flows tell you about the company and its financial performance and condition? What business decisions could be made using the statement of cash flows?
d. What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making?