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maks197457 [2]
3 years ago
15

Presented below are a number of independent situations.

Business
1 answer:
kakasveta [241]3 years ago
8 0

Answer / Explanation:

(1) Cash   balance   of   $937,790.   Only   the   checking   account   balance   should   be reported as cash. The certificates of deposit of $1,444,000 should be reported as   a   temporary   investment,   the   cash   advance   to   subsidiary   of   $983,730 should be reported as a receivable, and the utility deposit of $188 should be identified as a receivable from the gas company.

(2) Cash balance is $584,650 computed as follows:

Checking account balance                     $514, 570

Overdraft                                                   (18,300)

Petty cash                                                  308

Coin and currency                                    1,370  

                                                               $534, 548

Cash held in a bond sinking fund is restricted. Assuming that the bonds are non current, the restricted cash is also reported as non current.

(3) Cash balance is $617, 620 computed as follows:

Checking account balance                       $617, 620

Certified check from customer                  9, 640

                                                                  $627, 260

The post dated check of  $13,030   should   be   reported as a receivable. Cash restricted   due   to   compensating   balance   should   be   described   in   a   note indicating the type of arrangement and amount. Postage stamps on hand are reported as part of office supplies inventory or prepaid expenses.

(4)  Checking account balance                $46,220

Money market mutual fund                       52, $790  

                                                                  $99, 010

The NSF check received from customer should be reported as a receivable.

(5) Cash balance is $700,900 computed as follows:

Checking account balance                          $716,200

Cash advance received from customer         937  

                                                                     $717, 137

Cash restricted for future plant expansion of $517,960 should be reported as a non current asset. Short-term treasury bills of $190,700 should be reported as a temporary investment. Cash advance received from customer of $937 should also be reported as a liability; cash advance of $7,840 to company executive should be reported as a receivable; refundable deposit of $29,700 paid to federal government should be reported as a receivable.

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