An accounting clerk for Westwind Co. prepared the following bank reconciliation: WESTWIND CO. Bank Reconciliation August 31, 20Y6
Cash balance according to company's records $6,440
Add: Outstanding checks $3,090
Error by Westwind Co. in recording Check No. 01-115 as $940 instead of $490 450
Note for $10,100 collected by bank, including interest 10,500 14,040
20,480
Deduct: Deposit in transit on August 31 6,560 Bank service charges 50 6,610
Cash balance according to bank statement 13,870

Required:
a. From the bank reconciliation data, prepare a new bank reconciliation for Westwind Co.
b. If a balance sheet were prepared for Westwind Co. on August 31, 20Y6, what amount should be reported for cash?

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.