Tropical Inc. is preparing its December 31 financial statements, and it must determine the proper balance sheet classification of financial statement items. Complete the table as follows:
1. Indicate whether each amount would be classified as cash.
2. Indicate an alternative classification if the amount is excluded from cash.
(and please also explains No. 5, 10, 14, 15, 16 in details. Thank you)
Homework Answers
| Financial Statement Item | Include in Cash Amount | Classification |
| 1. Coins and currency, $1,000 | 1000 | Cash |
| 2. Checks received from customers, $12,000 | 12000 | Cash |
| 3. Certificates of deposit (CDs), $16,000, 6 month term | Short-term investment | |
| 4. Petty cash fund, $800 | 800 | Cash |
| 5. Postage stamps, $120 | Prepaid expense | |
| 6. First Star checking account balance, $42,000 | 42000 | Cash |
| 7. Postdated check from customer, $200 | Accounts receivable | |
| 8. Money order from customer, $300 | 300 | Cash |
| 9. Cash in savings account, $20,000 | 20000 | Cash |
| 10. Bank draft from customer, $800 | 800 | Cash |
| 11. Investment in commercial paper, 30-day term, $160 | Cash equivalent | |
| 12. Utility deposit to a utilities company (refundable), $100 | 100 | Refundable deposit (current asset) |
| 13. Certified check from customer, $2,000 | 2000 | Cash |
| 14. NSF (non-sufficient fund) check from R.Roe, $400 | Accounts receivable | |
| 15. Cash advance to company executive, collectible upon demand, $40,000 | Other receivable | |
| 16. Hometown Credit Union, checking account, overdraft, $4,000 | Accounts payable | |
| 17. Travel advances to employees, $420 | Other receivable | |
| 18. Cashiers' check, $500 | 500 | Cash |
Add Answer to:
Tropical Inc. is preparing its December 31 financial statements,
and it must determine the proper balance...
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
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;...
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each...
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Presented below are independent situations. For each individual situation, determine the amount that should be repo...
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For each individual situation, determine the amount that should be reported as cash 1. Checking account...
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Exercise 7-2 Presented below are a number of independent situations. For each individual situation, determine the...
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Assionment> Open Assignment CALCULATOR PRINTER VERSION BACK NEXT Presented below are a number of independent situations....
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Current Attempt in Progress x Your answer is incorrect. Presented below are a number of independent...
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Cash and Other Items The following information has been extracted from Atwood Corporation's accounting records: 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;...
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 $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...
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...
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