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Littleton Corporation reports the following information: Balance in National Bank checking account $13,002 Certificates of deposit...

Littleton Corporation reports the following information:

Balance in National Bank checking account $13,002
Certificates of deposit 4,000
Petty cash 100
Cash on hand 2,580
Employees' IOUs 226
Balance in Society Bank checking account (300)
Customer's postdated check 168
Balance in Peoples Savings and Loan savings account 9,000

Show all work. Compute the correct amount of cash that will appear as a current asset on Littleton Corporation's balance sheet.

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Answer #1

Answer:

Correct amount of cash that will appear as a current asset on Littleton Corporation's balance sheet.is computed as below:

Balance in National Bank checking account Petty cash Cash on hand Balance in Peoples Savings and Loan savings account Cash th

Certificates of deposit is short term investment.
Employees' IOUs are advances to employees
Negative Balance in Society Bank checking account is current liability.
Customer's postdated check to be accounted for on date when it can be presented.

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