Pina Colada Corp. gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per books, 8/31$30800 Deposits in transit1300 Notes receivable and interest collected by bank7500 Bank charge for check printing180 Outstanding checks17600 NSF check1500 The adjusted cash balance per books on August 31 is:

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u. s. company and i don’t make decisions based on what’s good for the u. s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?