Sheridan Company owns the following assets at the balance sheet date:Cash in bank-savings account$5,600Cash on hand840Cash refund due from the Canada Revenue Agency1,100Cash in bank-chequing account6,500Stale-dated cheques from customers250Postdated cheques from customers50060-day treasury bill10,000What amount should be reported as cash and cash equivalents in the balance sheet?Cash and cash equivalentsAI

- Cash and cash equivalents areitems from the balance sheet that summarize the worth of a company's…

Answered: Sheridan Company owns the following…

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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Prepare a bank reconciliation on 30 June 2022 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2022: $45 351 debit. 2. Bank statement balance on 30 June 2022: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. 4. Cheques issued but not presented total $3 268. 5. A $212 cheque was returned marked ‘dishonored’ (NSF). The cheque had been received from B Simpson, a new customer. 6. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business’s account with fees and charges of $25.
"3D Company" has the following balances: Cash in Bank – Saving account at bank of $102,000. Petty cash of $4,000, Post-dated checks of $18,000, Travel advances of $14,000, and Certificates of deposit of $560,000. In “3D Company" statement of financial position, how much should be reported cash and cash equivalent? a. $680,000. b. $138,000. c. $124,000. d. $106,000.
The bank statement balance is $3,500 and shows a service charge of $24 , interest earned of $3, and an NSF cheque for $100. Deposits in transit total $1,400; outstanding cheques are $450. The bookkeeper mistakenly recorded as $158 a cheque of $132 in payment of an account payable. 1. Prepare Bank Reconciliation 2. Prepare the adjusting entry
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
Choices are: a. 3,550,000 b. 3,660,000 c. 3,610,000 d. 3,655,000 Question: What amount was reported as unadjusted cash in bank balance per book? Show solution and explanation
The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest) As far as bank reconciliation, does the $410 go on the bank side or the cash account side? Or would it be split between the 2 sides, and how?
The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated $1,420. The total amount of outstanding cheques is $35. A $5 cheque printing charge and a $50 NSF were reported on the bank statement. There was a $500 deposit in transit. What is the reconciled balance? a. $1,095 b. $1,045 O c. $1,040 d. $1,365 P Type here to search ASUS
The controller of Sim Company is trying to determine the amount of cash and cash equivalents to be reported on its December 31, 2021 statement of financial position. The following information is provided: a. Balances in the company's accounts at BPI bank: Checking account - P540,000 Savings account - P884,000 b. Undeposited customer checks of P208,000. c. Currency and coins on hand of P23,200. d. Savings account at PNB with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2023). e. P800,000 balance in checking account at PNB. In exchange for a line of credit, Sim has agreed to maintain a minimum balance of P100,000 in this account. f. Treasury bills: 30-day maturity bills totaling P600,000, and 180-day bills totaling P800,000. What total amount of cash and cash equivalents should be reported in the current asset section of the 2021 statement of financial position?
1. Bonita Fertilizer Co. owns the following assets at the balance sheet date. Cash in bank savings account $ 8,480 Cash on hand 860 Cash refund due from the IRS 1,280 Checking account balance 14,210 Postdated checks 530 What amount should Bonita report as cash in the balance sheet? Find Cash reported in balance sheet. 2. The following reconciling items are applicable to the bank reconciliation for Ellington Company: (a) outstanding checks (b) bank debit memorandum for service charge (c) bank credit memorandum for collecting a note for the depositor, and (d) deposits in transit.Indicate how each item should be shown on a bank reconciliation (Deducted from cash balance per books/Added to Cash balance per books/Added to cash balance per bank/Deducted from cash balance per bank) 3. At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank…
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