Question

Heturn 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. I established the fund by cashing a check from HHC for $280 made payable to me. b. Tom Canuck provided a $76 receipt for repairs to the club's computer, so I paid $76 cash to him. c. Kim Harra provided a receipt for $56 for various supplies she planned to use to decorate the arena later this year. I paid $56 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 $86. e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $218, 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 $131 cash to her g. Destiny Hook provided a phone bill showing she had paid $36 for telephone calls made to contact referees for the annual tournament. I paid her $36 cash. h. Gutty McTavish submitted a receipt for $41 for a haircut he received. I did not pay him. L On the last day of the month, I received and cashed a check from HHC for $167, placing the cash into the locked cash box. 2. If HHC has $1,300 cash, $400 of government Treasury bills purchased four months ago, and $810 of cash set aside for its workers compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Answer is complete but not entirely correct. Cash and Cash Equivalents 2,623 Next <Prev of 10 10

Answer 1

Ans:

$2790

S.No	Particulars	Amount
1	Cheque Encashed	$280
2	Repairs to computer paid	($76)
3	Paid for Various Supplies	($56)
4	Paid for Equipment Purchased	($86)
5	Cheque Encashed	$218
6	Paid for Supplies	($131)
7	Paid for Telephone Bills	($36)
8	Cheque Encashed	$167
	Total Cash available from Operating Petty cash	$280
	Add: Cash And Cash Equivalents
	HHC Cash	$1300
	Government Treasury Bills	$400
	Compensation Insurance kept aside	$810
	Total cash available at the End	$2790

Note:

Cash kept aside Insurance compensation to workers is also cash available to spend so need to add to cash and cash Equivalents.