Current Asset is a portion of Total Asset .It can be converted in to cash with in one year or short. Current Asset includes Cash and Cash Equevelnce , Inventory etc......
1.
Particulars | Amount |
Checking Account Balance | $ 925,000 |
Certificate of deposit | $ 1,400,000 |
Cash advance to Subsidiary | $ 980,000 |
Cash Balance | $ 330,5000 |
2.
Particulars | Amount |
Checking Account Balance | $ 600,000 |
Bank Overdraft | $ 17,000 |
Petty Cash Fund | $ 300 |
Coins and currency on hand | $ 1350 |
Cash Balance | $ 618,650 |
3.
Particulars | Amount |
Checking Account Balance | $ 590,000 |
Certified Cheque from Customer | $ 9,800 |
Postage Stamps on Hand | $ 620 |
Cash Balance | $ 600,420 |
4.
Particulars | Amount |
Checking Account balance at bank | $ 37,000 |
Money Market Balance at Mutual Fund | $ 48,000 |
NSF Check received from customer | $ 800 |
Cash Balance | $ 85,800 |
5
Particulars | Amount |
Checking Account balance | $ 700,000 |
Short Term Treasury bills | $ 180,000 |
Cash advance to exicutives( Payable on demand) | $ 7,000 |
Cash Balance | $ 887,000 |
E7-2 (L01) (Determining Cash Balance) Presented below are a number of independent situations. Instructions For each...
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 $931,500; certificate of deposit $1,414,400; cash advance to subsidiary of $985,850; utility deposit paid to gas company $183. Cash balance $ _____________ 2. Checking account balance $519,300; an overdraft in special checking account at same bank as normal checking account of $17,590; cash held in a bond sinking fund $220,900; petty cash fund...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $851,000; certificate of deposit $1,288,000; cash advance to subsidiary of $901,600; utility deposit paid to gas company $168. Cash balance $ 2. Checking account balance $552,000; an overdraft in special checking account at same bank as normal checking account of $15,640; cash held in a bond sinking fund $184,000; petty cash fund $276; coins and currency on hand...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $795,500; certificate of deposit $1,204,000; cash advance to subsidiary of $842,800; utility deposit paid to gas company $156. Cash balance s 2. Checking account balance $516,000; an overdraft in special checking account at same bank as normal checking account of $14,620; cash held in a bond sinking fund $172,000; petty cash fund $258; coins and currency on hand...
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...
Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash. 2. Checking account balance $732,000; an overdraft in special checking account at same bank as normal checking account of $20,740; cash held in a bond sinking fund $244,000; petty cash fund $366; coins and currency on hand $1,647. Checking account balance $719,800; postdated check from customer $13,420; cash restricted due to maintaining compensating balance requirement of $122,000; certified check from customer $11,956;...
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...
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...
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;...
Tropical Inc. is preparing its December 31 financial statements, and it must determine the proper balance sheet classification of financial statement items. Complete the table as follows: 1. Indicate whether each amount would be classified as cash. 2. Indicate an alternative classification if the amount is excluded from cash. (and please also explains No. 5, 10, 14, 15, 16 in details. Thank you) Financial Statement Item Include in Cash Amount Classification 1. Coins and currency, $1,000. 1000 Cash 2. Checks...
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. $ Show work: