(a) Compute the amount of cash and cash equivalents to be reported on Blossom Co.’s balance sheet at December 31, 2017.Cash and cash equivalents reported on December 31, 2017, balance sheet: $ [blank box] **Blossom Co.: Cash Reporting on Balance Sheet**The controller for Blossom Co. is working to determine the cash amount to be reported on its December 31, 2017, balance sheet. Below is the relevant information:1. **Post-dated Check**: Blossom received a check dated January 1, 2018, for $24,000. 2. **Certificate of Deposit**: The company holds a $80,000 certificate of deposit, maturing 120 days after November 1, 2017.3. **Bank Accounts**: - Commercial savings: $400,000. - Commercial checking: $1,000,000 at First National Bank of Alexander. - Year-end bank overdraft: $70,000 in a separate account at the same bank.4. **Cash Fund for Expansion**: $1,375,000 is allocated for expanding the New Jersey factory. 5. **Commercial Paper**: On December 21, 2017, Blossom purchased $700,000 of commercial paper maturing January 14, 2018.6. **Cash on Hand**: Currency and coins total $10,286.7. **Money Market Fund**: Held at Rogers, Inc., allowing check writing on the full balance, amounting to $905,000 at year-end.8. **Minimum Cash Balance Agreement**: The company maintains a $200,000 balance at First National Bank of Alexander to secure future credit.9. **Petty Cash Fund**: Balance stands at $300.10. **Travel Advances**: In December 2017, $22,000 was advanced for 2018 executive travel. Employees must use this for company travel and submit receipts.11. **I.O.U. from Stiller LLP**: Received on December 12, 2017, for $15,000.This comprehensive information helps determine the total cash to be accurately reported in the financial statements.

Statement showing Cash reported on December 31, 2017, balance sheet: Particulars Amount…

Answered: Ca) Compute the amount of cash and cash…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Ca) Compute the amount of cash and cash equivalents to be reported on Blossom Co's balance sheet at December 31, 2017. Cash and cash equivalents reported on December 31, 2017, balance sheet $