Reporting Cash on the Balance Sheet Your audit of Watt Corporation discovers the following information: Reconciled balance in First National Bank checking account $3,625.80 Reconciled balance in City National Bank checking account (40.20) Balance in First Federal savings account 35,291.00 Certificate of deposit 30,000.00 Employee's IOU 125.00 Employees' travel advances 1,640.00 Cash on hand (undeposited sales receipts) 1,432.10 Prepaid debit card 600.00 Customer's postdated check 290.40 What amount should be reported as cash on Watt's balance sheet? (Place the necessary items in the same order as they are provided in the information.) Round your answers to nearest cent, if required.
Reporting Cash on the Balance Sheet Your audit of Watt Corporation discovers the following information: Reconciled balance in First National Bank checking account $3,625.80 Reconciled balance in City National Bank checking account (40.20) Balance in First Federal savings account 35,291.00 Certificate of deposit 30,000.00 Employee's IOU 125.00 Employees' travel advances 1,640.00 Cash on hand (undeposited sales receipts) 1,432.10 Prepaid debit card 600.00 Customer's postdated check 290.40 What amount should be reported as cash on Watt's balance sheet? (Place the necessary items in the same order as they are provided in the information.) Round your answers to nearest cent, if required.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Reporting Cash on the
Your audit of Watt Corporation discovers the following information:
| Reconciled balance in First National Bank checking account | $3,625.80 |
| Reconciled balance in City National Bank checking account | (40.20) |
| Balance in First Federal savings account | 35,291.00 |
| Certificate of deposit | 30,000.00 |
| Employee's IOU | 125.00 |
| Employees' travel advances | 1,640.00 |
| Cash on hand (undeposited sales receipts) | 1,432.10 |
| Prepaid debit card | 600.00 |
| Customer's postdated check | 290.40 |
What amount should be reported as cash on Watt's balance sheet? (Place the necessary items in the same order as they are provided in the information.) Round your answers to nearest cent, if required.
Expert Solution
Step 1 Introduction
Balance sheet:- Balance sheet is referred as the financial statement which helps to determine the financial position of the business. Balance sheet displays company’s total assets, liabilities and owner’s equity on particular date. It is also knows as statement f net worth or a statement of financial position.
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