Presented below are independent situations. For each individual situation, determine the amount that should be reported...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash.
- Checking account balance $925,000; certificate of deposit
$1,400,000 maturing in 6 months; cash advance to subsidiary of
$980,000; utility deposit paid to gas company $180.
|
$ |
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Homework Answers
Answer:
(1) Cash balance $925,000
Explanation;
Certificate of deposit is a temporary investment, cash advance to subsidiary is treated as A/R whereas utility deposit is treated as receivable.
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Presented below are independent situations. For each individual
situation, determine the amount that should be reported...
Presented below are independent situations. For each individual situation, determine the amount that should be reported...
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Presented below are independent situations. For each individual situation, determine the amount that should be repo...
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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;...
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For each individual situation, determine the amount that should be reported as cash 1. Checking account balance $906.500 certificate of deposit $1,372,000 cash advance to subsidiary of $960.400; utility deposit paid to as company $180 Cash balance 5 2.Checking account balance $588,000; an overdraft in special checking account at same bank as normal checking account of $16.cash held in a bond sinking fund $196,000 petty cash fund $20com and currency on hand $1.323. Cash balance $ 3. Checking account balance...
Current Attempt in Progress x Your answer is incorrect. 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 $945,100; certificate of deposit $1,414,300; cash advance to subsidiary of $990,550; utility deposit paid to gas company $194. Cash balance $ 1368656 2. Checking account balance $518,300; an overdraft in special checking account at same bank as normal checking account of $17,580; cash held in a...
Assionment> Open Assignment CALCULATOR PRINTER VERSION BACK NEXT 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 $928,400; certificate of deposit $1,438,400; cash advance to subsidiary of $903,530; utility deposit paid to gas company $191 Cash balance 928400 2. Checking account balance $501,500; an overdraft in special checking account at same bank as normal checking account of $19,200; cash held in a bond sinking...
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;...
Determine the amount of the standard deduction allowed in the following independent situations. In each case, assume that the taxpayer is claimed as another person's dependent. Amount of the Standard Deduction a. Curtis, age 18, reports income as follows: $700 interest from a certificate of deposit and $12,200 from repairing cars. b. Mattie, age 18, records income as follows: $600 cash dividends from a stock investment and $4,700 from handling a newspaper route. C. Mel, age 16, incurs income as...
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