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; certificate
of deposit $1,413,100; cash advance to subsidiary of $991,330;
utility deposit paid to gas company $195.
Cash balance | $ |
2. Checking account balance $505,600; an overdraft
in special checking account at same bank as normal checking account
of $17,960; cash held in a bond sinking fund $220,800; petty cash
fund $400; coins and currency on hand $1,420.
Cash balance | $ |
3. Checking account balance $636,800; postdated
check from customer $10,770; cash restricted due to maintaining
compensating balance requirement of $104,900; certified check from
customer $9,290; postage stamps on hand $651.
Cash balance | $ |
4. Checking account balance at bank $45,890; money
market balance at mutual fund (has checking privileges) $48,760;
NSF check received from customer $869.
Cash balance | $ |
5. Checking account balance $715,200; cash
restricted for future plant expansion $454,600; short-term Treasury
bills (which mature in 6 months) $188,370; cash advance received
from customer $980 (not included in checking account balance); cash
advance of $6,370 to company executive, payable on demand;
refundable deposit of $28,490 paid to federal government to
guarantee performance on construction contract.
Cash balance | $ |
Brief Exercise 7-1 Indigo Enterprises owns the following assets at December 31, 2017. Cash in bank—savings...
Brief Exercise 7-1 Marigold Enterprises owns the following assets at December 31, 2017 Cash in bank-savings account Cash on hand Cash refund due from IRS 65,000 9,850 35,500 Checking account balance Postdated checks Certificates of deposit (180-day) 25,700 910 95,390 ody. What amount should be reported as cash? Cash to be reported Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 7-1 Crane Enterprises owns the following assets at December 31, 2017. Cash in bank-savings account Cash on hand Cash refund due from IRS 64,500 9,550 40,500 Checking account balance Postdated checks Certificates of deposit (180-day) 21,100 860 93,310 What amount should be reported as cash? Cash to be reported Click if you would like to Show Work for this question: Open Show Work Licence Pacement Privacy Policy I 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A...
Martinez Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account 69,000 Checking account balance 17,600 Cash on hand 9,030 Postdated checks 770 Cash refund due from IRS 35,600 Certificates of deposit (180-day) 94,570 What amount should be reported as cash? Cash to be reported $
Cheyenne Enterprises owns the following assets at December 31, 2020. Cash in bank—savings account 63,200 Checking account balance 22,300 Cash on hand 8,810 Postdated checks 800 Cash refund due from IRS 34,800 Certificates of deposit (180-day) 91,320 What amount should be reported as cash? Cash to be reported $enter the amount of cash to be reported
Grouper Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account 67,800 Checking account balance 22,500 Cash on hand 8,710 Postdated checks 850 Cash refund due from IRS 33,800 Certificates of deposit (180-day) 94,980 What amount should be reported as cash?
For each individual situation, determine the amount that should be reported as cash 1. Checking account balance $906.500 certificate of deposit $1,372,000 cash advance to subsidiary of $960.400; utility deposit paid to as company $180 Cash balance 5 2.Checking account balance $588,000; an overdraft in special checking account at same bank as normal checking account of $16.cash held in a bond sinking fund $196,000 petty cash fund $20com and currency on hand $1.323. Cash balance $ 3. Checking account balance...
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 $931,500; certificate of deposit $1,414,400; cash advance to subsidiary of $985,850; utility deposit paid to gas company $183. Cash balance $ _____________ 2. Checking account balance $519,300; an overdraft in special checking account at same bank as normal checking account of $17,590; cash held in a bond sinking fund $220,900; petty cash fund...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. Exercises 365 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. 2. Checking account balance $600,000, an overdraft in special checking account at same bank as normal checking account...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $851,000; certificate of deposit $1,288,000; cash advance to subsidiary of $901,600; utility deposit paid to gas company $168. Cash balance $ 2. Checking account balance $552,000; an overdraft in special checking account at same bank as normal checking account of $15,640; cash held in a bond sinking fund $184,000; petty cash fund $276; coins and currency on hand...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $795,500; certificate of deposit $1,204,000; cash advance to subsidiary of $842,800; utility deposit paid to gas company $156. Cash balance s 2. Checking account balance $516,000; an overdraft in special checking account at same bank as normal checking account of $14,620; cash held in a bond sinking fund $172,000; petty cash fund $258; coins and currency on hand...