2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents $ (1,320)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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[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 $300 made payable to me.
b. Tom Canuck provided a $88 receipt for repairs to the club's computer, so I paid $88 cash to him.
c. Kim Harra provided a receipt for $68 for various supplies she planned to use to decorate the arena later this year. I paid
$68 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 $98.
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 $254, 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 $143 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $48 for telephone calls made to contact referees for the
annual tournament. I paid her $48 cash.
h. Gutty McTavish submitted a receipt for $53 for a haircut he received. I did not pay him.
i. On the last day of the month, I received and cashed a check from HHC for $191, placing the cash into the locked cash
box.
Transcribed Image Text: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 $300 made payable to me. b. Tom Canuck provided a $88 receipt for repairs to the club's computer, so I paid $88 cash to him. c. Kim Harra provided a receipt for $68 for various supplies she planned to use to decorate the arena later this year. I paid $68 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 $98. 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 $254, 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 $143 cash to her. g. Destiny Hook provided a phone bill showing she had paid $48 for telephone calls made to contact referees for the annual tournament. I paid her $48 cash. h. Gutty McTavish submitted a receipt for $53 for a haircut he received. I did not pay him. i. On the last day of the month, I received and cashed a check from HHC for $191, placing the cash into the locked cash box.
2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers'
compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"?
Cash and Cash Equivalents
$ (1,320)
Transcribed Image Text:2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents $ (1,320)
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