Question

Required Information [The following information applies to the questions displayed below] Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, Wayne Crosby, describes the events that occurred during the last two months: a. lestablished the fund by cashing a check from HHC for $265 made payable to me. b. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him. c. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid $59 cash to her d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $89 e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenis hed. I received and cashed a check from HHC for $227. placing the cash into a locked cash box. f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $134 cash to her. g. Destiny Hook provided a phone bill showing she had paid $39 for telephone calls made to contact referees for the annual tournament. I paid her $39 cash. h. Gutty McTavish submitted a receipt for $44 for a haircut he received. I did not pay him On the last day of the month, I received and cashed a check from HHC for $173. placing the cash into the locked cash box. 2. If HHC has $1.450 cash, $500 of government Treasury bills purchased four months ago, and $840 of cash set aside for its workers compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents? Cash and Cash Equivalents

Answer 1

ANSWER

Calculate the amount of "Cash and Cash Equivalents" to be reported by the company on its balance sheet as follows:

Cash	1,450
Add: Petty cash fund	265
Cash and Cash Equivalents	1,715

Therefore,

Cash and Cash Equivalents = $1,715

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