**BE6.1 (LO 1)** Kraft Enterprises owns the following assets at December 31, 2025.- Cash in bank—savings account: $68,000 - Checking account balance: $17,000 - Cash on hand: $9,300 - Postdated checks: $750 - Cash refund due from IRS: $31,400 - Certificates of deposit (180-day): $90,000 **Question:**What amount should be reported as cash?

Cash is considered a liquid asset and it includes cash in the bank, cash on hand, and a checking…

BE6.1 (LO 1) Kraft Enterprises owns the following assets at December 31, 2025. Checking account balance Cash in bank savings account $68,000 Cash on hand 9,300 Postdated checks Cash refund due from IRS 31,400 Certificates of deposit (180-day) What amount should be reported as cash? $17,000 750 90,000

BE6.1 (LO 1) Kraft Enterprises owns the following assets at December 31, 2025. Checking account balance Cash in bank savings account $68,000 Cash on hand 9,300 Postdated checks Cash refund due from IRS 31,400 Certificates of deposit (180-day) What amount should be reported as cash? $17,000 750 90,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total Less: Overdraft with BPI Bank…
Nn.185. Subject :- ACCOUTN
Prepare a bank reconciliation statement
11 dividend earned should be appear in bank reconciliation in: The following information for Dana Est.is shown on Aug 31, 2020: BD Cash per books Balance per bank statement 3700 3800 Unpresented checks Deposits not entered by the bank Dividend received by the bank not entered in cash book Bank charges not entered in books 150 1250 200 50 NSF checks 250 Collection of notes receivable by the bank not entered in cash book 1300 Add BD200 to balance per bank statement Add BD200 to balance per cash book O Less BD200 from balance per cash book
Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31, 2022. 1. Balance per cash book is $10,500 2. Balance per bank statement is 15,600 3. Bank charges recorded in bank but not In cash book is $115. 4. Checks issued but not yet cashed at the bank is $45,800 5. Deposit in Transit is $58,700 6. Proceeds from the closure of an Investment account is $26,700. plus Interest revenue of 1,500 7. Customer check was returned as Non-Sufficient Fund for $10,085.
1. Bonita Fertilizer Co. owns the following assets at the balance sheet date. Cash in bank savings account $ 8,480 Cash on hand 860 Cash refund due from the IRS 1,280 Checking account balance 14,210 Postdated checks 530 What amount should Bonita report as cash in the balance sheet? Find Cash reported in balance sheet. 2. The following reconciling items are applicable to the bank reconciliation for Ellington Company: (a) outstanding checks (b) bank debit memorandum for service charge (c) bank credit memorandum for collecting a note for the depositor, and (d) deposits in transit.Indicate how each item should be shown on a bank reconciliation (Deducted from cash balance per books/Added to Cash balance per books/Added to cash balance per bank/Deducted from cash balance per bank) 3. At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank…
nta 22 Coronado has the following assets at December 31, 2019. Cash in bank-savings account 134,000 Certificates of deposit (270-day) 226,000 sponder a como Cash on hand 1,600 Postdated checks 6,000 Cash refund due from State Taxing Authority 32,100 Checking account balance 12,000 What amount should be reported as cash? arcar nta O a. 135,600 O b. 134,000 O c. 179,700 O d. 147,600 pe here to search
Cash and Cash Equivalent & Receivables The following transactions occurred between January to September 2021 for Westwood Corp.: 1. Certificate of deposits received $1,400,000 2. Cash advances made to Eastwood Corporation (a subsidiary of Westwood) $980,000 3. Advance deposit paid to Light and Power Corp. for electricity $600 4. Overdraft in special chequing account at same bank as regular chequing account $17,000 5. Petty cash fund $300 6. Coins and currency on hand $1,350 7. Postdated cheque from Mr. Blanc Chek (customer) $11,000 8. Certified cheque Tenor Inc. (customer) $9,800 9. Postage stamps on hand $620 10. Money market balance at mutual fund (fund has chequing privileges) $48,000 11. NSF cheque received from Mr. Black List (customer) $800 12. Cash advance received from Mr. Paul Prompt (customer) and not included in cash balance $900 13. Cash advance to two company executives payable on demand $7,000 14. Refundable deposit paid to a supplier of specialized drones to guarantee…
The bank statement for ABC Corp. shows a balance of $14300. Use the following reconciling items to determine the company's adjusted (corrected) book balance. Outstanding checks: $600 Deposits in Transit: $590 Interest earned on deposits: $23 EFT's from ABC Corp Customers: $1370 Customer's check returned due to NSF: $1550 A
What amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000.II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The check was redeposited on January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023, was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.
39 AA Company maintained cash in bank at Lunar Bank. This account is used for disbursement to various suppliers and had P3,245,000 balance as of December 31, 2022. The selected items below are part of the recorded disbursements in 2022 which are not yet encash by the payee: Check payable to a supplier dated 3/31/2022, released 3/1/2022 P215,000 Check payable to a supplier dated 12/30/2022, released 1/2/2022 195,000 Check payable to a supplier dated 12/31/2022, released 11/15/2022 320,000 Check payable to a supplier dated 1/4/2023, released 12/28/2022 100,000 Check payable to a supplier dated 12/26/2022, released 12/30/2022 185,000 What is the correct cash balance as of December 31, 2022?
What is the correct cash balance at August 31, 2018a. P902,00b. P860,000c. P820,000d. 802,000