The following are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $777,000; certificate of deposit $1.176.000; cash advance to subsidiary of $823,200 utility deposit paid to gas company $152. Cash balance $ 2. Checking account balance $504,000; an overdraft in special checking account at same bank as normal checking account of $14,280; cash held in a bond sinking fund $168,000; petty cash fund $252: coins and currency on hand $1,134. Cash balance S Cash balance $ 1953000 3. Checking account balance $495,600; postdated check from customer $9,240; cash restricted due to maintaining compensating balance requirement of $84,000; certified check from customer $8,232: postage stamps on hand $520. Cash balance S 505386 4. Checking account balance at bank $31,080; money market balance at mutual fund (has checking privileges) $40,320; NSF check received from customer $672. Cash balance 504352 71400 5. Checking account balance $588,000; cash restricted for future plant expansion $420,000; short-term Treasury bills $151,200 (which mature in 6 months); cash advance received from customer $756 (not included in checking account balance): cash advance of $5,880 to company executive, payable on demand; refundable deposit of $21.840 paid to federal government to guarantee performance on construction contract. 739200
The following are independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $777,000; certificate of deposit $1.176.000; cash advance to subsidiary of $823,200 utility deposit paid to gas company $152. Cash balance $ 2. Checking account balance $504,000; an overdraft in special checking account at same bank as normal checking account of $14,280; cash held in a bond sinking fund $168,000; petty cash fund $252: coins and currency on hand $1,134. Cash balance S Cash balance $ 1953000 3. Checking account balance $495,600; postdated check from customer $9,240; cash restricted due to maintaining compensating balance requirement of $84,000; certified check from customer $8,232: postage stamps on hand $520. Cash balance S 505386 4. Checking account balance at bank $31,080; money market balance at mutual fund (has checking privileges) $40,320; NSF check received from customer $672. Cash balance 504352 71400 5. Checking account balance $588,000; cash restricted for future plant expansion $420,000; short-term Treasury bills $151,200 (which mature in 6 months); cash advance received from customer $756 (not included in checking account balance): cash advance of $5,880 to company executive, payable on demand; refundable deposit of $21.840 paid to federal government to guarantee performance on construction contract. 739200
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
Related questions
Question
a8
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,