**Question:**Consider the following:- Cash in Bank – checking account of $19,100- Cash on hand of $510- Post-dated checks received totaling $3,540- Certificates of deposit totaling $123,000How much should be reported as cash in the balance sheet?**Options:**- ○ $23,150- ○ $135,400- ○ $19,100- ○ $19,610**Explanation:**When determining cash to be reported on the balance sheet, only items that are readily accessible as cash are typically included:1. **Cash in Bank (Checking Account):** $19,1002. **Cash on Hand:** $510**Items Excluded:**- **Post-dated Checks:** These are not considered cash as they cannot be deposited or cashed until the date on the checks arrives.- **Certificates of Deposit:** These are often classified as short-term investments rather than cash because they are not readily available without penalty before their maturity date.**Calculation:**Cash balance = Cash in Bank + Cash on Hand = $19,100 + $510 = $19,610Therefore, the amount to be reported as cash in the balance sheet is **$19,610**.

Balance sheet: It contains all Assets and liabilities items. Balance sheet is a statement prepared on Particular date. Equation: Assets = Liabilities + share holders equity.Cash balance reported in Balance sheet: Post dated checks and certificate of deposits are considered in calculation of cash balance. Hence, Cash reported in Balance sheet is $ 19610 The correct option is $ 19610

Business

Accounting

Consider the following: Cash in Bank - checking account of $19100, Cash on hand of $510, Post-dated checks received totaling $3540, and certificates of deposit totaling $123000. How much should be reported as cash in the balance sheet? O $23150. O $135400. O $19100. O $19610.

Consider the following: Cash in Bank - checking account of $19100, Cash on hand of $510, Post-dated checks received totaling $3540, and certificates of deposit totaling $123000. How much should be reported as cash in the balance sheet? O $23150. O $135400. O $19100. O $19610.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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