Time Remaining 1 hour 52 minutes 25 seconds 01:52:25 Item 2 Item 2 Time Remaining 1...
Time Remaining 1 hour 52 minutes 25 seconds
01:52:25
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Item 2
Time Remaining 1 hour 52 minutes 25 seconds
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Wilson Company had the following cash balance items listed in
its trial balance at 12/31/2021:
| Peterson Savings and Loan: | $ | 65,000 | |
| Right Bank: | (12,500 | ) | |
| Clinton County Trust Bank: | 25,000 | ||
If Wilson reports under U.S. GAAP, its 12/31/2021 balance sheet
would show what cash balance?
A. -12,500
B. 77,500
C. 90,000
D. None
Homework Answers
|
Cash balance as per GAAP = 65,000 + 25,000 = 90,000 Option C is the answer |
|
| Overdraft is shown as current liability under GAAP |
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