A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. 2. 3. 4. 5. The cash float for the cash registers totals $530. The balance in the Petty Cash account is $300. At year end, the fund had $125 cash and receipts totalling $175. The balance in the company's chequing account is $24,500. The company also has a U.S. bank account, which contained the equivalent of $16,300 Canadian at year end. The company has overdraft protection of $10,000 on its chequing account. The company has a separate bank account with a balance of $4,250. This special account consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $14,800 of postdated cheques from customers for payment of accounts receivable.

A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. 2. 3. 4. 5. The cash float for the cash registers totals $530. The balance in the Petty Cash account is $300. At year end, the fund had $125 cash and receipts totalling $175. The balance in the company's chequing account is $24,500. The company also has a U.S. bank account, which contained the equivalent of $16,300 Canadian at year end. The company has overdraft protection of $10,000 on its chequing account. The company has a separate bank account with a balance of $4,250. This special account consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $14,800 of postdated cheques from customers for payment of accounts receivable.

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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A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at year end. 1. The cash float for the cash registers totals $950. 2. The balance in the Petty Cash account is $300. At year end, the fund had $47 cash and receipts totalling $253. 3. The balance in the company's chequing account is $9,900. The company also has a U.S. bank account, which contained the equivalent of $17,300 Canadian at year end. 4. The company has overdraft protection of $12,100 on its chequing account. 5. The company has a separate bank account with a balance of $9,900. This consists of cash deposits paid by tenants who lease office space from the company. The deposits will be refunded to the tenants at the end of their leases. The company has $15,700 of postdated cheques from customers for payment of accounts receivable. 6. 7. The company has the following short-term…
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