Carl's Barbourshop Co. owns the following items: Cash in bank savings account $4,500 Cash on hand $1,000 Cash refund due from the Canada Revenue Agency $990 Chequing account balance $13,200 Postdated Cheques $2,000 What amount should Carl’s report as cash? Please explain for the answer/why the amount chosen
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1. Carl's Barbourshop Co. owns the following items:
| Cash in bank savings account | $4,500 |
| Cash on hand | $1,000 |
| Cash refund due from the Canada Revenue Agency | $990 |
| Chequing account balance | $13,200 |
| Postdated Cheques | $2,000 |
What amount should Carl’s report as cash?
Please explain for the answer/why the amount chosen for each.
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- Which of the following states the entries required to account for a reimbursement to the petty cash float of $125 from the bank account? Cr Cash and bank Cr Petty cash A Dr Petty cash В Dr Cash and bank C Dr Drawings Cr Petty cash D Dr Drawings Cr Cash and bankSheffield Fertilizer Co. owns the following assets at the balance sheet date. Cash in bank savings account $ 8,500 Cash on hand 850 Cash refund due from the IRS 1,110 Checking account balance 14,290 Postdated checks 510 What amount should Sheffield report as cash in the balance sheet?What is double entry for the following transaction: Paid MK20000 of the cash in hand into bank account
- The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.Use the following to answer questions 1-4 Determine whether the firm reports each of the following items as part of cash, cash equivalents, or neither in the balance sheet. Item 1 Supplies 2. Currency 3 60-day US Treasury Bill 4. 6-month Certificate of deposit Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Cash, Cash equivalent, or neither. Item Bank error, cleared the same deposit twice NSF Checks outstanding Interest earned Use the following to answer questions 9-11 On February 28th, the general ledger of the company shows a balance for cash of $100,000. Cash receipts yet to be…The following information has been extracted from the accounting records of the Simplicity Corporation:a. Cash on hand ( undeposited collections) P1,020b. Certificates of deposit 25,000c. Customer’s notes receivable 1,000d. Reconciled balance in Uno Bank checking account (350)e. Reconciled balance in Trese Bank payroll account 9,350f. Balance in Rural bank savings account 8,560g. Customer’s postdated checks 1,350h. Employee travel advances 1,600i. Cash in bond sinking fund 1,200j. Bond sinking fund investments 8,090k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.
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