Vaughn Manufacturing’s checkbook balance on December 31, 2020 was $85200. In addition, Vaughn held the following...
Vaughn Manufacturing’s checkbook balance on December 31, 2020 was $85200. In addition, Vaughn held the following items in its safe on December 31.
(1) A check for $1840 from Ivanhoe Company received December 30, 2020, which was not included in the checkbook balance.
(2) An NSF check from Pearl Industries in the amount of $3440 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2021. The original deposit has been included in the December 31 checkbook balance.
(3) Coin and currency on hand amounted to $5680.
The proper amount to be reported on Vaughn's balance sheet for cash at December 31, 2020 is:
Homework Answers
| checkbook balance on December 31, 2020 | 85200 |
| Add:check from Ivanhoe Company | 1840 |
| Less:NSF check from Pearl Industries | 3440 |
| Add:Coin and currency on hand | 5680 |
| Proper amount to be reported | 89280 |
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situations.
1.
As a result of uninsured accidents during the year, personal
injury suits for $334,300 and $63,400 have been filed against the
company. It is the judgment of Vaughn’s legal counsel that an
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Vaughn Corporation, in preparation of its December 31, 2020,
financial statements, is attempting to determine the proper
accounting treatment for each of the following
situations.
1.
As a result of uninsured accidents during the year, personal
injury suits for $334,300 and $63,400 have been filed against the
company. It is the judgment of Vaughn’s legal counsel that an
unfavorable outcome is unlikely in the $63,400 case but that an
unfavorable verdict approximating $275,000 will probably result in
the $334,300 case....
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