Required: Calculate the total cash amount Stony will report on its balance sheet.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Components of Cash
The office manager for Stony Company had accumulated the following information at the end of a recent year:
Item
Accounts receivable
Change for cash registers (currency and coin)
Amount on deposit in checking account (bank balance)
Amount on deposit in savings account (bank balance)
Balance in petty cash
Checks received from customers, but not yet deposited in bank
Checks sent by Stony to suppliers, but not yet presented at bank for payment
Deposits in transit
IOU from Richard Sandy, company president
Notes receivable
NSF check written by Liam Company
Prepaid postage
Required:
Calculate the total cash amount Stony will report on its balance sheet.
Amount
$22,470
4,800
6,589
28,750
500
340
620
950
10,000
13,400
430
125
Transcribed Image Text:Components of Cash The office manager for Stony Company had accumulated the following information at the end of a recent year: Item Accounts receivable Change for cash registers (currency and coin) Amount on deposit in checking account (bank balance) Amount on deposit in savings account (bank balance) Balance in petty cash Checks received from customers, but not yet deposited in bank Checks sent by Stony to suppliers, but not yet presented at bank for payment Deposits in transit IOU from Richard Sandy, company president Notes receivable NSF check written by Liam Company Prepaid postage Required: Calculate the total cash amount Stony will report on its balance sheet. Amount $22,470 4,800 6,589 28,750 500 340 620 950 10,000 13,400 430 125
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