Question

answer questions 1-4 Determine whether the fire balance sheet. ether the firm reports each of the following items as part of cash, cash equivalents, or neither in the Item Cash, Cash equivalent, or neither 1 Inventory for sale to customers 2.1 Investment with vestment with a maturity of 80 days at purchase 3 Three month US Treasury Bill 4. Bank deposits Use the following to answer questions 5-8 bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance # 5 6 ut Item Bank deducted too much out of the checking account Bank charge for new checks ordered for the checking account Interest earned on the checking account Checks written but have not cleared the bank yet 18 Use the following to answer questions 9-11 On February 28th, the general ledger of CAC shows a balance for cash of $220,000. Cash receipts yet to be deposited into the checking account total $126,000, while checks written by CAC but not yet processed by the bank total $147,500. The company's balance of cash does not reflect a NSF check of $119, a service fee of $20 and interest earned of $32 and a customer payments collected by the bank of $6,250; however, these amounts are included in the balance of cash of $247,643 reported by the bank as of the end of February. Answer the following based on the process of doing the bank reconciliation: 9. $_ Determine the total amount that is used to reconcile the Bank balance (include "_" if needed): 10. $_ Determine the total amount that is used to reconcile the Company cash balance (include" if needed) 11 $ _What is the balance in the company's cash account after the reconciliation?

Answer 1

Cash Equivalent are convally held for the purpose of meeting the short term Cash Commitments of the entit D. Cash Equivalent - 2 Cash Equivalent (can be liquidated within 3 months] 3 3 Cast Equivalent 4 Cash [In Cool if it is a from defort, then it will - neither to a Cash or Cont Equivalent. In this - Case it is overed to be demand defort 5 - 4. Sakto out from Company Cash Belane (6) - 4 subtout fur Company Cash Bake - 3 added to " " " 18 3. Added " 4 4 g) $2,500 [167,500-1,26,000 10 & 6143 [6250 +32-20-119] 1 $ 3,47, 643 Cart In rolved Yes Yes Type of Cash Flow Financing (E) Financing (F) None Investing (I) Ma

16 50,000 17 Bogpoo 18) - 3,25,000 19 +205,000 20) $ 1,65,000 550,000 -345.000 - 12000 - 2000 - 6000 (1,25,000 - 3,09,000 - 50.000 £30,000 - 75000 + 3,50,000]