Homework Answers
Cash and cash equivalents = Cash in checking account + Petty cash + US Treasury bill purchased 12/1/2017, maturing 2/20/2018
= 15,000 + 250 + 40,000
= $55,250
Correct option is (b)
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350 8) Kaniper Company has the following balances at December 31, 2017 Cash in checking account...
8) Kaniper Company has the following balances at December 31, 2017 Cash in checking account $15,000...
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Brief Exercise 7-1 Indigo Enterprises owns the following assets at December 31, 2017. Cash in bank—savings...
Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
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Cash to be reported
$
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Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
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Brief Exercise 7-1
Indigo Enterprises owns the following assets at December 31,
2017.
Cash in bank—savings account
72,900
Checking account balance
20,000
Cash on hand
8,860
Postdated checks
940
Cash refund due from IRS
36,500
Certificates of deposit (180-day)
90,770
What amount should be reported as cash?
Cash to be reported
$
Exercise 7-2
Presented below are a number of independent situations.
For each individual situation, determine the amount that should be
reported as cash.
1. Checking account balance $925,100;...
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2021, balance of $15,033.12. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks were $1,360.85. b. The December 31, 2021, cash receipts of $595 were not deposited in the bank until January 2, 2022. c. One check written in payment of rent for $250 was correctly recorded by the bank but was recorded by MSI as a...
Oriole Corporation had the following balances in its accounting records at August 31, 2018: Restricted cash for bank as a compensating balance Cheque dated September 15, 2018 from Alters Inc. U.S. bank account with an equivalent balance of $12,200 Canadian Savings account balance Customer cheque dated January 28, 2018 Treasury bill (60 day terms) Bank overdraft in chequing account $38,700 5,350 12,200 29,500 1,800 26,300 10,300 What amount should Oriole report as cash and cash equivalents at August 31? Cash...
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