20.Required informationSkip to question [The following information applies to the questions displayed below.] Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: BANK STATEMENT ChecksDepositsOtherBalanceBalance, June 1 $ 7,360Deposits during June $ 18,800 26,160Checks cleared during June$ 19,900 6,260Bank service charges $ 316,229Balance, June 30 6,229 Cash (A)DebitCreditJune 1Balance7,360 JuneDeposits20,60020,200Checks writtenJuneJune 30Balance7,760 In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?

1)Cash balance: 7360 + Cheque deposit: 20600 - cheque written : 20200 Balance as on 30 June : 7760…

Answered: In addition to the balance in its bank…

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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[The following information applies to the questions displayed below.]

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:

	Checks	Deposits	Other	Balance
BANK STATEMENT
Balance, June 1				$ 7,360
Deposits during June		$ 18,800		26,160
Checks cleared during June	$ 19,900			6,260
Bank service charges			$ 31	6,229
Balance, June 30				6,229

Cash (A)
Debit	Credit
June 1	Balance	7,360
June	Deposits	20,600	20,200	Checks written	June
June 30	Balance	7,760

In addition to the balance in its bank account, Hills Company also has $420 of petty cash on hand. This amount is recorded in a separate account called Petty Cash on Hand. What is the total amount of cash that should be reported on the balance sheet at June 30?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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