XYZ Bank loaned cash to a customer on August 1, Year 1. The note receivable had a principal amount of $55,000, 6% annual interest rate, and a term of six-months. How much interest income would be reported on the Year 1 income statement dated December 31? [Amount1] How much cash interest would be collected in Year 1? [Answer2] How much interest income would be reported on the Year 2 income statement, assuming no other sources provided interest during the year? [Answer3] How much cash interest would be collected in Year 2? [Answer4] Formula(s): Principal x Monthly Interest x Months in Period 

At the end of the day on June 30, Smith Company’s cash account showed a balance of $4,000. Smith’s June 30 bank statement showed a balance of $5,800. You are preparing the bank reconciliation for the month of June. Indicate how each of the following items would be used in determining the adjusted cash balance at June 30: Smith Company properly issued payment in the amount of $450 for utility expense. This was incorrectly entered in the accounting system for $850. The company deposited $725 of cash receipts on the evening of June 30th, which were not reflected on the bank statement.  Outstanding checks totaled $2,500 on June 30.  The bank statement included a $125 charge for new checks, the price of which was not previously known by Smith Company.  One of Smith’s customers issued payment in the amount of $250, which was deposited by Smith Company. The bank statement didn’t show this deposit, and included a note that this check was returned NSF.  Once you’ve classified the above, please determine the following: What was the adjusted cash balance as of June 30?  Formula(s): Put the bank balance and the increases/decreases to the bank in one column, and the book balance and the increases/decreases to the book in another column; make sure they equal! 

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_____ is an approach to quality improvement characterized by very ambitious quality goals, extensive training of employees, and a long-term commitment to working on quality-related issues.