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Ratling [72]
3 years ago
10

Waterway Company’s checkbook balance on December 31, 2020, was $84800. In addition, Sheridan held the following items in its saf

e on December 31.(1) A check for $1750 from Pharoah Company received December 30, 2020, which was not included in the checkbook balance. (2) An NSF check from Pearl Industries in the amount of $3730 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, 2021. The original deposit has been included in the December 31 checkbook balance. (3) Coin and currency on hand amounted to $5680. Required:The proper amount to be reported on Waterway's balance sheet for cash at December 31, 2020, is $______.
Business
1 answer:
Gemiola [76]3 years ago
4 0

Answer:

$88,500

Explanation:

The computation of the amount of cash reported in the balance sheet is shown below:

= Check book balance + check not included - NSF check + coin & currency on hand

= $84,800 + $1,750 - $3,730 + $5,680

= $88,500

We simply applied the above formula so that the correct amount of cash could arrive that is to be reported in the balance sheet

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