XYZ Inc. has a balance of $ 270,000 cash in bank; restricted cash for plant expansion is $45.000; and a bank overdraft in an account at a different bank of S27,000. The amount of cash that should be reported by XYZ Inc. should be: O A. $72,000. B. $315,000. O C. $270,000. O D. None of the above amounts

XYZ Inc. has a balance of $ 270,000 cash in bank; restricted cash for plant expansion is $45.000; and a bank overdraft in an account at a different bank of S27,000. The amount of cash that should be reported by XYZ Inc. should be: O A. $72,000. B. $315,000. O C. $270,000. O D. None of the above amounts

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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Cheyenne Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a) Deposit in transit $6,590. (b) Bank service charges $27. (Use Office Expense account.) (c) Interest credited to Cheyenne's account $41. (d) Outstanding checks $7,670. (e) NSF check returned $480. Prepare entries necessary to make Cheyenne's accounting records correct and complete. (If no entry is required, selec Do not indent manually.)
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