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 $440. At year end, the fund had $26 cash and receipts totalling $414. 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 $12,300 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. 6. The company has $16,500 of postdated cheques from customers for payment of accounts receivable. 7. The company has the following short-term investments: ⚫$34,300 in treasury bills with a maturity date of less than 90 days. • $13,900 in a guaranteed investment certificate that matures in six months. 8. The balance in the company owner's personal bank account is $3,180. 9. The company has NSF cheques from customers totalling $890 that were returned by the bank. (a) Calculate the amount of cash and cash equivalents that should be reported on the year-end balance sheet as a current asset. Cash and cash equivalents $
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 $440. At year end, the fund had $26 cash and receipts totalling $414. 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 $12,300 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. 6. The company has $16,500 of postdated cheques from customers for payment of accounts receivable. 7. The company has the following short-term investments: ⚫$34,300 in treasury bills with a maturity date of less than 90 days. • $13,900 in a guaranteed investment certificate that matures in six months. 8. The balance in the company owner's personal bank account is $3,180. 9. The company has NSF cheques from customers totalling $890 that were returned by the bank. (a) Calculate the amount of cash and cash equivalents that should be reported on the year-end balance sheet as a current asset. Cash and cash equivalents $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education