Components of Cash The office manager for Stony Company had accumulated the following information at the end of a recent year: Item Amount Accounts receivable $22,470 Change for cash registers (currency and coin) 4,800 Amount on deposit in checking account (bank balance) 7,382 Amount on deposit in savings account (bank balance) 30,000 Balance in petty cash 500 Checks received from customers, but not yet deposited in bank 590 Checks sent by Stony to suppliers, but not yet presented at bank for payment 560 Deposits in transit 920 IOU from Richard Sandy, company president 10,000 Notes receivable 13,400 NSF check written by Liam Company 430 Prepaid postage 125 Required: Calculate the total cash amount Stony will report on its balance sheet.
Components of Cash The office manager for Stony Company had accumulated the following information at the end of a recent year: Item Amount Accounts receivable $22,470 Change for cash registers (currency and coin) 4,800 Amount on deposit in checking account (bank balance) 7,382 Amount on deposit in savings account (bank balance) 30,000 Balance in petty cash 500 Checks received from customers, but not yet deposited in bank 590 Checks sent by Stony to suppliers, but not yet presented at bank for payment 560 Deposits in transit 920 IOU from Richard Sandy, company president 10,000 Notes receivable 13,400 NSF check written by Liam Company 430 Prepaid postage 125 Required: Calculate the total cash amount Stony will report on its balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Components of Cash
The office manager for Stony Company had accumulated the following information at the end of a recent year:
| Item | Amount |
| $22,470 | |
| Change for cash registers (currency and coin) | 4,800 |
| Amount on deposit in checking account (bank balance) | 7,382 |
| Amount on deposit in savings account (bank balance) | 30,000 |
| Balance in petty cash | 500 |
| Checks received from customers, but not yet deposited in bank | 590 |
| Checks sent by Stony to suppliers, but not yet presented at bank for payment | 560 |
| Deposits in transit | 920 |
| IOU from Richard Sandy, company president | 10,000 |
| Notes receivable | 13,400 |
| NSF check written by Liam Company | 430 |
| Prepaid postage | 125 |
Required:
Calculate the total cash amount Stony will report on its
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