2. If HHC has $2,000 cash, $500 of government Treasury bills purchased four months ago, $950 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 S 155
2. If HHC has $2,000 cash, $500 of government Treasury bills purchased four months ago, $950 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 S 155
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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 $310 made payable to me.
b. Tom Canuck provided a $90 receipt for repairs to the club's computer, so I paid $90 cash to him.
c. Kim Harra provided a receipt for $70 for various supplies she planned to use to decorate the arena later this year. I paid
$70 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 $100.
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 $260, 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 $145 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $50 for telephone calls made to contact referees for the
annual tournament. I paid her $50 cash.
h. Gutty McTavish submitted a receipt for $55 for a haircut he received. I did not pay him.
1. On the last day of the month, I received and cashed a check from HHC for $195, placing the cash into the locked cash
box.
2. If HHC has $2,000 cash, $500 of government Treasury bills purchased four months ago. $950 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
S 155](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb47cd30-6535-4e47-808b-3efb8463b158%2F9af01bfe-c3fe-41c4-a9f8-d0430ed5d67c%2F1et2hhm_processed.jpeg&w=3840&q=75)
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 $310 made payable to me.
b. Tom Canuck provided a $90 receipt for repairs to the club's computer, so I paid $90 cash to him.
c. Kim Harra provided a receipt for $70 for various supplies she planned to use to decorate the arena later this year. I paid
$70 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 $100.
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 $260, 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 $145 cash to her.
g. Destiny Hook provided a phone bill showing she had paid $50 for telephone calls made to contact referees for the
annual tournament. I paid her $50 cash.
h. Gutty McTavish submitted a receipt for $55 for a haircut he received. I did not pay him.
1. On the last day of the month, I received and cashed a check from HHC for $195, placing the cash into the locked cash
box.
2. If HHC has $2,000 cash, $500 of government Treasury bills purchased four months ago. $950 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
S 155
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