**Exercise: Computing Cash and Cash Equivalents****Objective:**Determine the amount of cash and cash equivalents for Sunland Co. to be reported on its balance sheet as of December 31, 2017.**Instructions:**- Compute the total cash and cash equivalents.- Enter your result in the provided space.**Question (a):**Compute the amount of cash and cash equivalents to be reported on Sunland Co.’s balance sheet at December 31, 2017.Cash and cash equivalents reported on December 31, 2017, balance sheet: $ [Enter amount here] **Notes:**No graphs or diagrams are provided with this exercise. ### Sunland Co. Cash Determination for December 31, 2017The controller for Sunland Co. is working to establish the cash amount to report on the December 31, 2017 balance sheet. Below is the detailed financial information provided:1. **Post-Dated Check**: Sunland received a post-dated check from a customer dated January 1, 2018, for $48,000.2. **Certificate of Deposit**: The company holds a certificate of deposit worth $126,000, maturing 120 days post-November 1, 2017.3. **Commercial Accounts**: Sunland Co. has a commercial savings account with $426,000, and a commercial checking account with $1,200,000 at First National Bank of Alexander. Additionally, there is a $70,000 bank overdraft at year-end in a separate account for cash receipts deposits.4. **Expansion Cash Fund**: A cash fund of $1,475,000 is earmarked for the New Jersey factory expansion.5. **Commercial Paper Purchase**: On December 21, 2017, Sunland Co. acquired $710,000 in commercial papers from Voight, Inc., maturing on January 14, 2018.6. **On-Hand Currency**: The total currency and coins on hand are $10,606.7. **Money Market Fund**: There's an account at Rogers, Inc., allowing Sunland to write checks on a $965,000 balance as of December 31, 2017.8. **Minimum Cash Balance**: Sunland Co. commits to maintaining a minimum of $250,000 at First National Bank of Alexander for future credit.9. **Petty Cash Fund**: The petty cash fund balance is $500.10. **Travel Advances**: In December 2017, $24,000 was advanced to employees for Q1 2018 travel. Reimbursement isn't required, but documentation is necessary.11. **I.O.U. from Stiller LLP**: An I.O.U. of $17,250 was received from Stiller LLP on December 12, 2017.This breakdown will assist in accurately reporting Sunland Co.'s cash position for the year-end financial statements.

Cash and cash equivalents are the most liquid short term assets found on a company's balance sheet.

Answered: Compute the amount of cash and cash…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Calculator The following information is available from the current period financial statements: $103,184 Net income Depreciation expense 29,117 Increase in accounts receivable 16,270 Decrease in accounts payable 15,506 Determine the net cash flow from operating activities using the indirect method. Select the correct answer. $100,525 $164,077 $42,291 $103,184 4:10 PM
i. Vo) 13 docs.google.com/forms/ Presented below are the comparative December 31 financial statements for BISAN CO, (in $ Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method BISAN CO. Balance Sheets At December 31, Year 2 and Year 1 Year 2 $96,719 Year I $28,694 Cash Accounts Receivable Inventory 100,000 206 250 1875 1,562 500 (762,500) 19,375 $1.224.212 85313 181,250 Prepaid Insurance Land, Buildings, and Equipment Accumulated Depreciation 2.500 1 406 250 (715,000) 106,250 Investments Tetal Assets SL.095.256 Accounts Payable Salaries Pavable Notes Payable $95,425 25,000 31,250 250.000 $185,838 30,625 93,750 Bonds Payable Common Stock Retained Eamings 375.000 447,544 $1.224.219 375,000 410,014 SL.095 256 Additional information for Year 2 (1) Sold available for sale securities costing S86,875 for $92,500. (2) Equipment costing $25,000 with a book value of $6,250 was sold for $7,500 (3) Issued 89% bonds at face value for $250,000. (4) Purchased…
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ory Bookmarks Profiles Tab YouTube Mc Graw Hill ation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252FI... Classes N Netflix Dashboard EDU 1011 (2019-F... G Annotated Bibliog... 1 Required information [The following information applies to the questions displayed below.] 10 Q A Expenses prior years follow. Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and S (2 LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income 2 2 At December 31 Accounts receivable Inventory Accounts payable Salaries payable SOF Utilities payable Prepaid insurance Prepaid rent W S # Window Help 3 LANSING COMPANY Selected Balance Sheet Accounts 20 F3 □ (20 (2 E D $ 4 $ 127,200 Current Year $ 6,600 2,980 5,400 1,080 OOD DOD F4 52,000 17,000 28,000 10,000 R 4,800…
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Compute the amount of cash and cash equivalents to be reported on Sunland Co's balance sheet at December 31, 2017. Cash and cash equivalents reported on December 31, 2017, balance sheet 2$