The income statement helps investors and creditors predict amounts, timing, and uncertainty of future cash flows.

Athens, Inc.'s June bank statement shows a June 30 balance of $18,100. Prior to reconciliation, its books show a cash balance of $18,420. The information below pertains to Athens:

Deposits in transit $1,400 Checks outstanding 960 Bank service charges 40 Error in Athens Inc.'s records overstating cash disbursement 180 Check of another company charged erroneously against Athens Inc.'s bank account 500 Bank statement shows bank collected a note receivable and interest income for Athens Inc. 480 The reconciled cash balance at June 30 on the bank reconciliation should be: Select one: A. $18,680 B. $18,540 C. $20,200 D. $19,040

Asking for a claim is the same as asking for a settlement to a problem

Indicate whether the statement is true or false.