Problem 1. Ascending Company has the following balances for the year 2018: Postage stamps 3 month-Time deposit Coins and Currencies BDO Savings Account Checks Postdated customer checks Sinking Fund Treasury bill purchased 12/1/2018, maturing 2/28/2019 Money market instruments Plant Expansion Fund Money orders Petty cash fund Bank drafts 3,000 10,000 15,000 50,000 25,000 10,000 100,000 800,000 150,000 500,000 50,000 10,000 25,000 5,000 250,000 50,000 50,000 300,000 100,000 350,000 IOUS Treasury Bond, purchased 3/1/2018, maturing 2/28/2019 Preference share redemption fund Tax Fund Payroll Fund Certificate of Deposit Redeemable preference share, purchased 11/1/2018 due on 3/1/2019 1. How much should be reported as CASH for the year 2018?
Problem 1. Ascending Company has the following balances for the year 2018: Postage stamps 3 month-Time deposit Coins and Currencies BDO Savings Account Checks Postdated customer checks Sinking Fund Treasury bill purchased 12/1/2018, maturing 2/28/2019 Money market instruments Plant Expansion Fund Money orders Petty cash fund Bank drafts 3,000 10,000 15,000 50,000 25,000 10,000 100,000 800,000 150,000 500,000 50,000 10,000 25,000 5,000 250,000 50,000 50,000 300,000 100,000 350,000 IOUS Treasury Bond, purchased 3/1/2018, maturing 2/28/2019 Preference share redemption fund Tax Fund Payroll Fund Certificate of Deposit Redeemable preference share, purchased 11/1/2018 due on 3/1/2019 1. How much should be reported as CASH for the year 2018?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 1. Ascending Company has the following balances for the year 2018:
Postage stamps
3 month-Time deposit
Coins and Currencies
3,000
10,000
15,000
50,000
BDO Savings Account
Checks
Postdated customer checks
25,000
10,000
Sinking Fund
Treasury bill purchased 12/1/2018, maturlng 2/28/2019
Money market instruments
Plant Expansion Fund
Money orders
Petty cash fund
Bank drafts
IOUS
Treasury Bond, purchased 3/1/2018, maturing 2/28/2019
Preference share redemption fund
100,000
800,000
150,000
500,000
50,000
10,000
25,000
5,000
250,000
50,000
50,000
300,000
100,000
350,000
Tax Fund
Payroll Fund
Certificate of Deposit
Redeemable preference share, purchased 11/1/2018 due on 3/1/2019
1. How much should be reported as CASH for the year 2018?
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