Homework Help is Here – Start Your Trial Now!
Business
Accounting
The controller for Wildhorse Co, is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. Wildhorse received a post-datedgheck from a customer. The check is dated January 1. 2018, in the amount of $50,000. 1. The company has a certificate of deposit of $82.000. The CD matures 120 days after its November 1, 2017 date of 2. origination. Wildhorse Co. holds a commercial savings account of $447,000 and a commercial checking account balance of $1.200,000 at First National Bank of Alexander. In addition, a bank overdraft of $84,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. Aseparate cash fund in the amount of $1,375,000 is set aside for the expansion of the company's New Jersey factory On December 21. 2017, Wildhorse Co. purchased $730.000 of commercial paper from Voight, Inc. The commercial 3. 4. 5. paper matures January 14, 2018. Currency and coin on hand amounted to $10.446. A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co, to write checks 6. 7. on the full account balance, which was S930,000 at December 31. 2017. Wildhorse Co. has agreed to maintain a cash balance of $200.000 at all times at First National Bank of Alexander to ensure future credit availability The balance in Wildvorse Co's petty cash fund is $400. During December 2017. Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company related travel and to submit receipts The company received an LOU.from Stiler LLPacompany customer, on December 12. 2017. in the aniount of S24.750 8. 9. 10. 11

The controller for Wildhorse Co, is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. Wildhorse received a post-datedgheck from a customer. The check is dated January 1. 2018, in the amount of $50,000. 1. The company has a certificate of deposit of $82.000. The CD matures 120 days after its November 1, 2017 date of 2. origination. Wildhorse Co. holds a commercial savings account of $447,000 and a commercial checking account balance of $1.200,000 at First National Bank of Alexander. In addition, a bank overdraft of $84,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. Aseparate cash fund in the amount of $1,375,000 is set aside for the expansion of the company's New Jersey factory On December 21. 2017, Wildhorse Co. purchased $730.000 of commercial paper from Voight, Inc. The commercial 3. 4. 5. paper matures January 14, 2018. Currency and coin on hand amounted to $10.446. A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co, to write checks 6. 7. on the full account balance, which was S930,000 at December 31. 2017. Wildhorse Co. has agreed to maintain a cash balance of $200.000 at all times at First National Bank of Alexander to ensure future credit availability The balance in Wildvorse Co's petty cash fund is $400. During December 2017. Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company related travel and to submit receipts The company received an LOU.from Stiler LLPacompany customer, on December 12. 2017. in the aniount of S24.750 8. 9. 10. 11

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
See similar textbooks
icon
Related questions
Question
1 of 2 On December 21 2017. Wildhorse Co. purchased $730,000 of commercial paper from Voight, Inc. The commerc paper matures January 14, 2018. Currency and coin on hand amounted to $10,446, A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co. to write chee on the full account balance, which was $930,000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Wildhorse Co's petty cash fund is $400. During December 2017, Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that 9. 10. will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an LO.U. trom Stiller LLP, a company customer, on December 12. 2017. in the amount of $24,750 11. (a) Compute the amount of cash and cash equivalents to be reported on Wildhorse Co's balance sheet at December 31, 2017. %24 Cash and cash equivalents reported on December 31.2017, balance sheet eTextbook and Media Attempts: unlimited Submit Aver Save for Later %23 & 2. 4. 8. 10 W E Y U G H K V B N M
Transcribed Image Text:1 of 2 On December 21 2017. Wildhorse Co. purchased $730,000 of commercial paper from Voight, Inc. The commerc paper matures January 14, 2018. Currency and coin on hand amounted to $10,446, A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co. to write chee on the full account balance, which was $930,000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Wildhorse Co's petty cash fund is $400. During December 2017, Wildhorse Co. made travel advances to employees totaling $30,000 for executive travel that 9. 10. will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an LO.U. trom Stiller LLP, a company customer, on December 12. 2017. in the amount of $24,750 11. (a) Compute the amount of cash and cash equivalents to be reported on Wildhorse Co's balance sheet at December 31, 2017. %24 Cash and cash equivalents reported on December 31.2017, balance sheet eTextbook and Media Attempts: unlimited Submit Aver Save for Later %23 & 2. 4. 8. 10 W E Y U G H K V B N M
&B x O NWP Assessment Player U A x O NWP Assessment Player U A x ament.education.wiley.com/was/ui/v2/assessment-player/index.html?launchid 14c42832-ebat-4365-bf90-5de Updates Available Do you want to instal the rk (A) Cash & Bank Reconciliation Question 1 of 2 -/2 E urrent AvempcmProgress The controller for Wildhorse Co, is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The folowing information is provided. Wildhorse received a post-datedgheck from a customer. The check is dated January 1. 2018, in the amount of $50.000. The company has a certificate of deposit of $82.000. The CD matures 120 days after its November 1, 2017 date of origination. 1. 2. Wildhorse Co. holds a commercial savings account of $447,000 and a commercial checking account balance of $1.200,000 at First National Bank of Alexander. In addition, a bank overdraft of $84,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. Aseparate cash fund in the amount of $1.375,000 is set aside for the expansion of the company's New Jersey factory. On December 21. 2017, Wildhorse Co. purchased $730,000 of commercial paper from Voight. Inc. The commercial paper matures January 14, 2018. Currency and coin on hand amounted to $10,446. Amoney market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co, to write checks on the full account balance, which was $930.000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200.000 at all times at First National Bank of Alexander to ensure future credit availablity. 3. 4. 5. 6. 7. 8. 9. The balancein Wildhorse Co's petty cashfund is S400. During December 2017. Wildhorse Co. made travel advances to employees totaling 530,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company related travel and to submit receipts. The company received an LO.U. from Stiller LLPa company customer, on December 12, 2017. in the amount of 24.750. 10. 11
Transcribed Image Text:&B x O NWP Assessment Player U A x O NWP Assessment Player U A x ament.education.wiley.com/was/ui/v2/assessment-player/index.html?launchid 14c42832-ebat-4365-bf90-5de Updates Available Do you want to instal the rk (A) Cash & Bank Reconciliation Question 1 of 2 -/2 E urrent AvempcmProgress The controller for Wildhorse Co, is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The folowing information is provided. Wildhorse received a post-datedgheck from a customer. The check is dated January 1. 2018, in the amount of $50.000. The company has a certificate of deposit of $82.000. The CD matures 120 days after its November 1, 2017 date of origination. 1. 2. Wildhorse Co. holds a commercial savings account of $447,000 and a commercial checking account balance of $1.200,000 at First National Bank of Alexander. In addition, a bank overdraft of $84,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. Aseparate cash fund in the amount of $1.375,000 is set aside for the expansion of the company's New Jersey factory. On December 21. 2017, Wildhorse Co. purchased $730,000 of commercial paper from Voight. Inc. The commercial paper matures January 14, 2018. Currency and coin on hand amounted to $10,446. Amoney market fund account held at Rogers, Inc. (a mutual fund organization) permits Wildhorse Co, to write checks on the full account balance, which was $930.000 at December 31, 2017. Wildhorse Co. has agreed to maintain a cash balance of $200.000 at all times at First National Bank of Alexander to ensure future credit availablity. 3. 4. 5. 6. 7. 8. 9. The balancein Wildhorse Co's petty cashfund is S400. During December 2017. Wildhorse Co. made travel advances to employees totaling 530,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company related travel and to submit receipts. The company received an LO.U. from Stiller LLPa company customer, on December 12, 2017. in the amount of 24.750. 10. 11
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Notes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS