Kraft Enterprises owns the following assets at December 31, 2017. Cash in bank - Savings Account $68,000 Cash on Hand $9,300 Cash refund due from IRS $31,400 Checking Account balance $17,000 Postdated checks $750 Certificates of deposit (180-day) $90,000 What amount should be reported as cash?

Kraft Enterprises owns the following assets at December 31, 2017. Cash in bank - Savings Account $68,000 Cash on Hand $9,300 Cash refund due from IRS $31,400 Checking Account balance $17,000 Postdated checks $750 Certificates of deposit (180-day) $90,000 What amount should be reported as cash?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 9. balance of $10,172. A comparison of the statement with the Cash account revealed the following:…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000.…

A: Answer:- Statement of financial position meaning:- Statement of financial position, accurately…

Q: On October 31, 2024, Affleck Company's general ledger shows a cash account balance of $8,442. The…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book with…

Q: • Cash balance per accounting books, Feb. 28, 2023- P260,000 - Cash balance per bank statement, Feb.…

A: Bank reconciliation is the statement which reconciles the difference in cash balance per books and…

Q: BT21 Corp provided the following information on December 31, 2021: Cash in bank, net of bank…

A: Current liability are amount due to be paid with in twelve months

Q: The cash account of Steve Limited Showed a balance of $16335 on December 30, 2022. The bank…

A: Lets understand the basics.Bank reconciliation statement prepares in order to reconcile balance…

Q: As an Accountant of Mickey Mouse Corporation, you were assigned to assessed the bank balance of the…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is…

A: To determine how much of the cash in bank should be presented as part of noncurrent assets, we need…

Q: Question 6 of 8 -/ 40 E Prepare the journal entries to be made by Sheridan Inc. at August 31.…

A: There are two type of cash balances exists in the business books. One is cash balance as per…

Q: for each item, excluding beginning balances) CLOT Sigma Company's bank statement shows a balance per…

A: Bank reconciliation is defined as a process associated with matching the cash balance that prevails…

Q: The Cash in Metrobank account of Peace Corporation has a balance of P94,000 on December 31, 2021.…

A: Particulars Amount (P) Balance as per books xxxx Less Cheque received but not deposited xxxx…

Q: The statement of financial position of the Company dated October 31,2021, shows cash of P2,177,870.…

A: Cash and Cash Equivalent: On the balance sheet, the term "cash and cash equivalents" refers to the…

Q: The following information was available to reconcile Montrose Company's book balance of Cash with…

A: A bank reconciliation statement is a record book or a list of transactions for a bank account. This…

Q: In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of…

Q: Bramble Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of…

A: As the questions aksed has more than 1 question, the first question is answered. If you want the…

Q: At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding…

Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash…

A: Working: Amount (P) Cash balance per books on Dec 31, 2022 1,570,000 Check…

Q: A company shows an ending balance of $790. The bank statement shows a $14 service charge and an NSF…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: Shan Enterprises received a bank statement listing its May 31, 2018, bank balance as $47,582. Shan…

A: Correct cash balance = Bank balance + Cash receipts not yet deposited - checks outstanding

Q: The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is…

A: The topic is financial accounting, specifically related to the breakdown of the Cash and Cash…

Q: AA Corporation shows a cash balance of P1,570,000 as of December 31, 2022. The following cash…

A: Cash balances between bank book and local ledger can vary due to many aberrations and deferrals…

Q: The following information pertains to Fish Cake Company on December 31, 2021: Bank statement…

A: Formula: Cash to be reported balance = Checkbook balance - Outstanding checks + Deposit in Transit

Q: The following information pertains to Fish Cake Company on December 31, 2021: Bank statement…

A: Bank reconciliation is the reconciliation of bank balance as per cash book and bank passbook. It is…

Q: The statement of financial position of VKS Company dated October 31,2021, shows cash of P2,177,870.…

A: Cash and Cash Equivalent: On the balance sheet, the term "cash and cash equivalents" refers to the…

Q: as of December 31, showed a balance of P71,364. Additional information that might be useful in…

A: Solution: Adjusted cash in bank balance = cash in bank balance + Note collection - receipts of…

Q: AA Company maintained cash in bank at Lunar Bank. This account is used for disbursement to various…

A: Cash is a liquid asset and legal tender that is used to exchange goods, services, and debts. The…

Q: what total amount should be reported as cash and cash equivalents?

A: Cash and cash equivalents is an important part of assets of the business. It means assets which are…

Q: Company's book balance =52,800 Deposit in Transit = 6,300 Outstanding checks = 3,200 Interest earned…

A: Bank reconciliation was prepared by an entity in which it was used to match the recorded bank…

Q: The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is…

A: To arrive at the correct balance of cash on hand that should be presented as part of Cash and Cash…

Q: The cash account of Sheffield Co. showed a ledger balance of $7,088.13 on June 30, 2020. The bank…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is…

A: Cash and cash equivalent Cash and cash equivalent includes the items that are expected to convert…

Q: The cash account of the AA Corporation as of December 31, 2022 consists of the ff: On deposit in…

A: The bank reconciliation statement shows the reconciliation between the cash balance as per book…

Q: Beta corp was preparing a bank reconciliation statement as of September 30, 2018. The following were…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The cash account of Pronghorn Corp. shows a general ledger balance of $3,958.95 on June 30, 2023.…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Flower company was preparing a bank reconciliation statement as of September 30, 2018. The following…

A: Bank reconciliation is a statement which was prepared by the business entity where it helps to match…

Q: A Company provided the following account balances on December 31, 2021: Accounts receivable…

A: The question has asked to compute the current assets, and, noncurrent assets on December 31, 2021.…

Q: The books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The…

A: Bank Reconciliation Statement is a statement which shows the difference in the amount of the bank…

Q: On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An…

Question

Kraft Enterprises owns the following assets at December 31, 2017.
Cash in bank - Savings Account
$68,000
Cash on Hand
$9,300
Cash refund due from IRS
$31,400
Checking Account balance
$17,000
Postdated checks
$750
Certificates of deposit (180-day)
What amount should be reported as cash?
$90,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI 300,000 Cash in bank (net of bank overdraft of P100,000) 500,000 Petty cash fund 40,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Financial assets at amortized cost/held to maturity 600,000 Accounts receivable 2,100,000 Undeposited collections (including P10,000 customer’s check return, DAIF) 100,000 Allowance for uncollectible accounts 200,000 Trade installment accounts receivable, including P60,000 due after a year 145,000 Cash surrender value of life insurance 50,000 Prepaid expenses 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 700,000 Patent 300,000 Accumulated amortization 20,000 [Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
Winson Company reported the following information related to its 31 August 2019 bank statement: i) The bank statement's balance is $3267. ii) The cash account balance is $3193. iii) The outstanding checks total $612. iv) The deposits in transit amount to $1415. v)The bank service charge is $27. vi) Winson's accountant issued a check for $153 (inpayment on an account payable) that was erroneously recorded in the ledger as $135. vii)Bank debit memorandum for$138 NSF (not sufficient funds)check from one of its customers. viii) The bank collected an account receivable in the amount of $1060 on. behalf if Winson Company. Required; Prepare Winson Company's bank reconciliation on 31 August 2019.
Your Corporation's unadjusted bank balance at September 30, 2021 is $400. The following information is available for the bank reconciliation. $900 $300. Deposits in transit, $500 Outstanding checks, $300 Bank service charges, $75 Bank collected an accounts receivable for Your Company, NSF check written by one of Your Company's customers, What is Your Company's true cash balance?
Sheridan Company owns the following assets at the balance sheet date: Cash in bank-savings account $5,600 Cash on hand 840 Cash refund due from the Canada Revenue Agency 1,100 Cash in bank-chequing account 6,500 Stale-dated cheques from customers 250 Postdated cheques from customers 500 60-day treasury bill 10,000 What amount should be reported as cash and cash equivalents in the balance sheet? Cash and cash equivalents A I
The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total Less: Overdraft with BPI Bank…
Nn.185. Subject :- ACCOUTN
Do not give answer in image
Please reconcile The Hylton Enterprise Company bank statement to the cash book as of August 31, 2022. 1. Balance per cash book is $10,500 2. Balance per bank statement is 15,600 3. Bank charges recorded in bank but not In cash book is $115. 4. Checks issued but not yet cashed at the bank is $45,800 5. Deposit in Transit is $58,700 6. Proceeds from the closure of an Investment account is $26,700. plus Interest revenue of 1,500 7. Customer check was returned as Non-Sufficient Fund for $10,085.
BE6.1 (LO 1) Kraft Enterprises owns the following assets at December 31, 2025. Cash in bank savings account $68,000 Cash on hand 9,300 Cash refund due from IRS 31,400 Certificates of deposit (180-day) What amount should be reported as cash? Checking account balance Postdated checks $17,000 750 90,000
Please answer asap
Headlands has the following assets at December 31, 2017. Cash in bank-savings account 138,800 Certificates of deposit (270-day) 244,000 Cash on hand 1,200 Postdated checks 6,500 Cash refund due from State Taxing Authority 31,500 Checking account balance 10,800 What amount should be reported as cash? Cash to be reported 2$
Compute the adjusted cash balance as at September 30, 2019 of Guyana Corp where it was preparing a bank reconciliation statement as of September 30, 2019. The company has provided the following details:Deposit in Transit = $4,300Book balance =$32,800Customer NSF check returned by bank =$400Outstanding checks = $2,200Interest earned on checking account =$100