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Darya [45]
2 years ago
12

The CFO of Gabe Corp. suspects that an employee has been stealing cash from the company. The employee is responsible for receivi

ng cash from customers and posting the payments to the customer accounts, as well as preparing the bank reconciliation and managing the cash account. To check up on the employee, the CFO prepares his own bank reconciliation and comes up with the following: Gabe Differences Bank $3,900 Beginning balance $4,000 (50) Service charges Outstanding checks (800) (100) NSF Check from Customer Deposits in transit 250 25 Interest earned --------- $3,775 Total $3,450 Do you think the employee has stolen from the company
Business
1 answer:
yuradex [85]2 years ago
6 0

Answer:

Yes

Explanation:

To come in any conclusion first do the following calculations

Updated cash book

Closing Balance as per Gabe = $3,775

Less: Outstanding cheque -$800

Add: Cheque Deposited $250

Updated closing balance is $3,225

Bank reconcilliation statement

Closing balance as per Bank  $3450

Less: NSF check from the customer -$100

Less: Service Charges -$50

Add: Interest earned $25

Reconciled Balance as per Bank $3,325

As from the above calculations we can see that there is a difference of $100 so it is cleared that the employee has stolen from the company

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