Crane Company has recorded the following items in its financial records.Cash in bank:Checking account$51,000Money market fund37,000Payroll account27,000Certificate of deposit (matures in 2 months)29,000Certificate of deposit (matures in 12 months)34,000Total cash in bank$178,000Cash in plant expansion fund144,000Cash on hand35,000Highly liquid investmentsPetty cashReceivables from customersStock investmentsU.S Treasury bills54,0002,700123,00085,00044,000The highly liquid investments (Commercial Paper) had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years.(a) What amount should Crane report as "Cash and cash equivalents" on its balance sheet?Cash and cash equivalents

To determine the "Cash and Cash Equivalents" on Crane Company's balance sheet, we'll need to include…

Answered: Crane Company has recorded the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Blossom Company has recorded the following items in its financial records. Cash in bank: Checking account $50,000 Money market fund 36,000 Payroll account 26,000 Certificate of deposit (matures in 2 months) 28,000 Certificate of deposit (matures in 12 months) 33,000 Total cash in bank $173,000 Cash in plant expansion fund 143,000 Cash on hand 34,000 Highly liquid investments Petty cash 53,000 2,600 Receivables from customers 122,000 Stock investments 84,000 U.S Treasury bills 43,000 The highly liquid investments (Commercial Paper) had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Blossom report as "Cash and cash equivalents" on its balance sheet? SUPPORT
Please help me with show all Calculation thanku
The whole task is attached in the photo
Reconciliation of Heaven Company’s bank account atMay 31 is:Balance per bank statement 2,100,000Deposits in transit 300,000Checks outstanding ( 30,000)Correct cash balance 2,370,000Balance per book 2,372,000Bank service charge ( 2,000)Correct cash balance 2,370,000June data are as follows:BankTotal credits P1,620,000Total debits 2,300,000Collection by bank (P400,000Note plus interest)420,000NSF check 10,000Balance 1,420,000BooksDeposits recorded 1,800,000Checks recorded 2,360,000Balance 1,810,000 The deposits in transit on June 30 amount toa. P120,000 c. P900,000b. P480,000 d. P 0
PROOF OF CASH PROBLEM Pacho Enterprises has the following information about cash account Bank balance, beginning ( 11,500.00) Bank receipts ( 125,000.00) Bank wihdrawal ( 50,000.00) Book balance, beginning ( 9,000.00) Deposit in transits last month ( 2,000.00) Deposit in transits this month ( 4,500.00) Total collections during the month ( 32,500.00) Total disbursements during the month ( 49,900.00) Uncleared checks last month ( 5,000.00) Uncleared checks this month ( 7,500.00) Additional information 1 Macho check was debited to our bank account ( 6,600.00) 2 The bank debited our account as service charge for the month ( 1,000.00) 3 Last month bank services charged were not adjusted ( 500.00) 4 Bank credited the loan proceeds net of P5000 as interest ( 95,000.00) 5 The company owned check was returned due to last of signature ( 5,000.00) Required:P A. Proof of cash statement B. Adjusting journal entries
Cash in bank: Checking account $50,000 Money market fund 36,000 Payroll account 26,000 Certificate of deposit (matures in 2 months) 28,000 Certificate of deposit (matures in 12 months) 33,000 Total cash in bank $173,000 Cash in plant expansion fund 143,000 Cash on hand 34,000 Highly liquid investments Petty cash Receivables from customers Stock investments 53,000 2,600 122,000 84,000 U.S Treasury bills 43,000 The highly liquid investments (Commercial Paper) had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Blossom report as "Cash and cash equivalents" on its balance sheet?
What amount should Wynn report as "Cash and cash equivalents" on its balance sheet?
answer in text form please (without image)
Normanby Bank has the following balance sheet. Assets ($ million) Liabilities and equity ($ million) Treasury notes 85 Deposits 125 Loans 115 Interbank funds 55 Equity 20 Total assets 200 Total liabilities and equity 200 One of Normanby Bank’s wholesale customers decides to make an immediate deposit withdrawal of $15 million. To fund this withdrawal request, the bank adopts a liability liquidity management approach via the interbank funds market. Which of the following statements is CORRECT? Select one: a. After the transactions, the bank has 140m in deposits, 40m in interbank funds, and total assets remain unchanged. b. After the transactions, the bank has 110m in deposits, 40m in interbank funds, and 170m in total assets. c. After the transactions, the bank has 125m in deposits, 70m in interbank funds, and 215m in total assets. d. After the transactions, the bank has 110m in deposits,…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS