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.
Homework Answers
Answer:
Correct amount of cash that will appear as a current asset on Littleton Corporation's balance sheet.is computed as below:
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.
Add Answer to:
Littleton Corporation reports the following information:
Balance in National Bank checking account $13,002
Certificates of deposit...
Cash and Other Items The following information has been extracted from Atwood Corporation's accounting records: Cash...
Cash and Other Items The following information has been extracted from Atwood Corporation's accounting records: Cash on hand (undeposited sales receipts) Certificates of deposit Customer's note receivable Reconciled balance in University National Bank checking account Reconciled balance in Second National Bank checking account Balance in City Federal savings account Customer's postdated check Employee travel advances $ 1,535 25,000 1,000 (350) 9,260 7,410 980 1,200 Cash in bond sinking fund 8,300 Bond sinking fund investments 14,600 Required: 1. Determine the balance...
Grouper Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account 67,800 Checking...
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?
Martinez Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account 69,000 Checking...
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...
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
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;...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information: Balance, July 1, 2018 $ 58,178 Deposits 181,500 Checks processed (194,610 ) Service charges (75 ) NSF checks (2,200 ) Monthly loan payment deducted directly by bank from account (includes $320 in interest) (4,320 ) Balance, July 31, 2018 $ 38,473 The...
Brief Exercise 7-1 Marigold 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
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information: Balance, July 1, 2018 $ 57,553 Deposits 181,000 Checks processed (194,110 ) Service charges (50 ) NSF checks (1,950 ) Monthly loan payment deducted directly by bank from account (includes $370 in interest) (4,070 ) Balance, July 31, 2018 $ 38,373 The...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a...
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information: Balance, July 1, 2018 $ 56,928 Deposits 180,500 Checks processed (193, 610) Service charges (80) NSF checks (1,700) Monthly loan payment deducted directly by bank from account (3,820) (includes $720 in interest) Balance, July 31, 2018 $ 38,218 The company's general ledger...
Question 9 (of 15) Harrison Company maintains a checking account at the First National City Bank....
Question 9 (of 15) Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2016 bank statement included the following information: Balance, July 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account S 57,803 181,200 (194,310) (60) (includes $170 in interest) 4,170) 38,413 Balance, July 31, 2016 The company's general...
Cash and Other Items The following information has been extracted from Atwood Corporation's accounting records: Cash on hand (undeposited sales receipts) Certificates of deposit Customer's note receivable Reconciled balance in University National Bank checking account Reconciled balance in Second National Bank checking account Balance in City Federal savings account Customer's postdated check Employee travel advances $ 1,535 25,000 1,000 (350) 9,260 7,410 980 1,200 Cash in bond sinking fund 8,300 Bond sinking fund investments 14,600 Required: 1. Determine the balance...
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?
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 $
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;...
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
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2018 bank statement included the following information: Balance, July 1, 2018 $ 56,928 Deposits 180,500 Checks processed (193, 610) Service charges (80) NSF checks (1,700) Monthly loan payment deducted directly by bank from account (3,820) (includes $720 in interest) Balance, July 31, 2018 $ 38,218 The company's general ledger...
Question 9 (of 15) Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2016 bank statement included the following information: Balance, July 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account S 57,803 181,200 (194,310) (60) (includes $170 in interest) 4,170) 38,413 Balance, July 31, 2016 The company's general...
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