Question Steinert Company has the following items at year-end: Cash in bank £52,500 Petty cash 850 Commercial paper with maturity of 2 months 7,200 Postdated checks 3,100 What amount Steinert should report as cash and cash equivalents?

Question Steinert Company has the following items at year-end: Cash in bank £52,500 Petty cash 850 Commercial paper with maturity of 2 months 7,200 Postdated checks 3,100 What amount Steinert should report as cash and cash equivalents?

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Question
Steinert Company has the following items at year-end:
Cash in bank £52,500
Petty cash 850
Commercial paper with maturity of 2 months 7,200
Postdated checks 3,100
What amount Steinert should report as cash and cash equivalents?

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