What total amount should be reported as cash at year-end? Affable Company provided the following information at year-end comprising the cash account: Cash in bank – demand deposit 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 Cash on hand Postage stamps unused Certificate of time deposit Money order Manager's check Traveler's check Postdated customer check

What total amount should be reported as cash at year-end? Affable Company provided the following information at year-end comprising the cash account: Cash in bank – demand deposit 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 Cash on hand Postage stamps unused Certificate of time deposit Money order Manager's check Traveler's check Postdated customer check

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

What total amount should be
reported as cash at year-end?
Affable Company provided the following information at year-end comprising the cash
account:
5,000,000
400,000
5,000
1,500,000
50,000
100,000
1,000,000
500,000
Cash in bank – demand deposit
Cash on hand
Postage stamps unused
Certificate of time deposit
Money order
Manager's check
Traveler's check
Postdated customer check

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