The following information was taken from a company’s bank reconciliation at the end of the year:

bank balance - $8,100
checks outstanding - $8,400
note collected by the bank - $1,500
service fee - $35
deposits outstanding - $4,100
nsf check - $310

what is the correct cash balance that should be reported in the company's balance sheet at the end of the year?

The correct cash balance that should be reported in the company's balance sheet at the end of the year is $3,800

Explanation:

The computation of the correct cash balance is shown below:

= Bank balance + Deposits outstanding - Checks outstanding

= $8,100 + $4,100 - $8,400

= $3,800

The other items which are given in the question are related to the bank balance. So, we do not consider it in the computation part. It already adjusted to the bank balance. Hence, we ignored it.

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