[The following information applies to the questions displayed below.]The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance Dec. 1 $ 45,600 6 $ 7,600 38,000 11 530 $ 27,000 64,470 17 12,900 51,570 23 35,000 86,570 26 530 86,040 30 17,800 18,000 NSF* $ 280 85,960 31 Interest earned 60 86,020 31 Service charge 130 85,890 * NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 45,600 Deposits Checks written during December: Dec. 11 27,000 7,600 23 35,000 530 30 18,000 12,900 31 12,000 530 130 17,800 4,500 Dec. 31 Balance 93,610 There were no deposits in transit or outstanding checks at November 30. After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet? How would i answer the followin gquestions??

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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[The following information applies to the questions displayed below.]

The December bank statement and cash T-account for Stewart Company follow:

BANK STATEMENT
Date	Checks	Deposits	Other	Balance
Dec. 1								$	45,600
6	$	7,600							38,000
11		530	$	27,000					64,470
17		12,900							51,570
23				35,000					86,570
26		530							86,040
30		17,800		18,000	NSF*	$	280		85,960
31					Interest earned		60		86,020
31					Service charge		130		85,890

^* NSF check from J. Left, a customer.

Cash (A)
Dec. 1	Balance	45,600
Deposits			Checks written during December:
Dec. 11		27,000		7,600
23		35,000		530
30		18,000		12,900
31		12,000		530
				130
				17,800
				4,500
Dec. 31	Balance	93,610

There were no deposits in transit or outstanding checks at November 30.

After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger?
If the company also has $280 of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?

How would i answer the followin gquestions??

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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