Listed below are ten items that may be found on a balance sheet.Required:Indicate with Yes or No whether each of the items should be included in the cash balance presented on the balance sheet. If "Yes" is selected for the "Included in Cash Balance" column, Choose "Cash" as the choice in the "Classification Items Excluded" column, otherwise, indicate the Normal balance sheettreatment for those items Not included as cash.Included inClassificationItemCash BalanceItems ExcludedNSF checksSavings accountCompensating balancePostdated checksIOUSCash on handCash in sinking fundTravel advanceBank draftPrepaid debit card

Here in the problem the list of 10 items is tobe classified into cash…

Answered: Listed below are ten items that may be…

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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at the time of replenishment, why are the totals of individual expenses debited? explain the relationship of the auxiliary petty cash record to the recording of the cash payment explain how cash short and over can be miscellaneous expense
If the cash on hand is greater than the total of the change fund amount plus the cash sales per the cash register, then cash is over. cash is short. miscellaneous expense is recorded. Cash Over and Short is debited.
c. Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Disregard the date.) Date Description Date d. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Disregard the date.) Description Debit Debit Credit Credit
show how the accounts related to the preceding sale and collection activities shoukd be reported on the current year income statement PLEASE DO NOT ANSWER IMAGE FORMET
Please provide correct answer
Which of the following is most likely to appear in the operating section of a cash fl ow statement under the indirect method? C . Cash received from customers.
The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. TheFASB Accounting Standards Codification represents the single source of authoritative U.S. generally acceptedaccounting principles.Required:1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines fordetermining what items should be deemed cash equivalents?2. List the guidelines.
(Determining Cash Balance) Presented below are a number of independent situations.InstructionsFor each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash,explain the rationale. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility depositpaid to gas company $180.2. Checking account balance $600,000; an overdraft in special checking account at same bank as normal checking account of$17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350.3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620.4. Checking account balance at bank $37,000; money market balance at mutual fund (has checking privileges) $48,000; NSF check received from customer…
What are the four accounts that are typically affected by cash transactions. Please use the following illustration to help you answer this question.
Indicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?
do i add the opening balance after the difference of opening balance of bank statement and cash book gives me zero when i update the cash book?

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