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bogdanovich [222]
3 years ago
14

Consider the following: Cash in Bank - checking account of $18, 500 Cash on hand of $500. Post dated checks received totaling $3

500 and Certificates of deposits totaling $24,000. How much should be reported at cash in the balance sheet?
a. $18.500
b $19,000
c. $22, 500
d. $130, 500
Business
1 answer:
lesya [120]3 years ago
4 0

Answer:

b $19,000

Explanation:

The reconciliation between the book balance and the bank statement examines the transactions recorded in either account but omitted in the other and the transactions recorded wrongly in  both accounts.

Given the following transactions

Cash in Bank - checking account = $18, 500

Cash on hand = $500

Post dated checks received =  $3 500 and

Certificates of deposits = $24,000

Cash balance in balance sheet = $18, 500 + $500 + $24,000

= $43,000

The post dated check is not included as the cash is yet to be received. The balance in the post dated check will form part of the receivables balance and not that of cash.

The certificate of deposit may be accounted for as part of cash and cash equivalent as shown in the computation above. Where the certificate of deposit is accounted for as a short term investment,

Cash balance in balance sheet = $18, 500 + $500 = $19,000

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20 points!!
Volgvan

☻ ~~~~~~~~~~~~ Hello! ~~~~~~~~~~~~~~~ ☻

➴ They might hire C. A public relations manager

They might hire a public relations manager because public relation managers deal with the media and the press.

~ ʜᴏᴘᴇ ᴛʜɪꜱ ʜᴇʟᴘꜱ! :) ♡

~ ᴄʟᴏᴜᴛᴀɴꜱᴡᴇʀꜱ ♡

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Read 2 more answers
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