College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 23, Problem 5CE
To determine
Compute the amount of cash and cash equivalents.
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A company's general ledger shows a cash balance of $4,570. Comparing the company's cash records with the monthly bank
statement reveals several additional cash transactions such as checks outstanding of $2,840, bank service fees of $180, and interest
earned of $24.
Calculate the correct balance of cash.
Cash balance
Sheridan Company owns the following assets at the balance sheet date:
Cash in bank-savings account
$5,600
Cash on hand
840
Cash refund due from the Canada Revenue Agency
1,100
Cash in bank-chequing account
6,500
Stale-dated cheques from customers
250
Postdated cheques from customers
500
60-day treasury bill
10,000
What amount should be reported as cash and cash equivalents in the balance sheet?
Cash and cash equivalents
A
I
At year-end, Mariz Company reported cash and cash equivalent comprising: cash on hand P 500,000,
demand deposit P 4,000,000,
certificate of deposit P 2,000,000,
post dated customer’s check P 300,000,
petty cash fund P 50,000,
traveler’s check P 200,000,
managers check P100,000 and
money order P 150,000.
What amount of cash should be reported at year-end?
Chapter 23 Solutions
College Accounting, Chapters 1-27
Ch. 23 - True/False The purpose of the statement of cash...Ch. 23 - Investing activities are those transactions...Ch. 23 - An increase in accounts receivable is deducted...Ch. 23 - Prob. 4TFCh. 23 - Prob. 5TFCh. 23 - Prob. 1MCCh. 23 - Prob. 2MCCh. 23 - Prob. 3MCCh. 23 - Prob. 4MCCh. 23 - Prob. 5MC
Ch. 23 - Prob. 1CECh. 23 - Prob. 2CECh. 23 - Prob. 3CECh. 23 - Prob. 4CECh. 23 - Prob. 5CECh. 23 - Prob. 6CECh. 23 - Prob. 7CECh. 23 - Prob. 8CECh. 23 - Prob. 1RQCh. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQCh. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - Prob. 15RQCh. 23 - Prob. 16RQCh. 23 - Prob. 17RQCh. 23 - Prob. 18RQCh. 23 - Prob. 19RQCh. 23 - Prob. 20RQCh. 23 - Prob. 21RQCh. 23 - SERIES A EXERCISES IDENTIFICATION OF OPERATING,...Ch. 23 - CHANGE IN CASH AND CASH EQUIVALENTS Olsen Companys...Ch. 23 - Prob. 3SEACh. 23 - Prob. 4SEACh. 23 - GAINS AND LOSSES ON THE SALE OF LONG-TERM ASSETS...Ch. 23 - Prob. 6SEACh. 23 - Prob. 7SEACh. 23 - CASH PAID FOR INTEREST Ball Companys income...Ch. 23 - Prob. 9SPACh. 23 - Prob. 10SPACh. 23 - COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Horn...Ch. 23 - EXPANDED STATE MENT OF CASH FLOWS Financial...Ch. 23 - Prob. 1SEBCh. 23 - Prob. 2SEBCh. 23 - Prob. 3SEBCh. 23 - Prob. 4SEBCh. 23 - Prob. 5SEBCh. 23 - Prob. 6SEBCh. 23 - Prob. 7SEBCh. 23 - Prob. 8SEBCh. 23 - Prob. 9SPBCh. 23 - Prob. 10SPBCh. 23 - COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES...Ch. 23 - EXPANDED STATEMENT OF CASH FLOWS Financial...Ch. 23 - MANAGING YOUR WRITING Direct Method A friend of...Ch. 23 - MASTERY PROBLEM Financial statements for...Ch. 23 - CHALLENGE PROBLEM The long-term liabilities...
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- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750arrow_forwardWhat 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 checkarrow_forwardSheridan Company has recorded the following items in its financial records. Cash in bank: Checking account Money market fund Payroll account Certificate of deposit (matures in 2 months) Certificate of deposit (matures in 12 months) Total cash in bank Cash in plant expansion fund Cash on hand Highly liquid investments Petty cash Receivables from customers Stock investments U.S Treasury bills $45,000 31.000 21,000 23,000 28,000 Cash and cash equivalents $ $148,000 138,000 29,000 48,000 2,100 117,000 79,000 38,000 The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Sheridan report as "Cash and cash equivalents" on its balance sheet?arrow_forward
- A company's general ledger shows a cash balance of $4,590. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,810, bank service fees of $170, and interest earned of $24. Required: Calculate the reconciled company's cash balance. Cash balancearrow_forwardHelp Save & A company's bank statement shows a cash balance of $4,250. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $4,280, deposits outstanding of $1,230, NSF check of $390, and service fee of $54. Calculate the correct balance of cash. Cash balancearrow_forwardAt year-end, Slamdunk Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check…arrow_forward
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- Shalimar Group of Industries reports the following information concerning cash balances and cash transactions for the month of April:A Cash balance per bank statement as of April 30 was $22,992.50a. Two debit memoranda accompany the bank statement: one for $9 was for service charges for the month; the other for $62.50 was attached to an NSF check from Rizwan.b. Included with the bank statement was $3123.25 credit memorandum for interest earned on the bank account in April.c. The paid checks returned with the April bank statement disclosed an error in Shalimarcash records. Check no.751 for $67.35 for telephone expense had erroneously been listed in the cash payments journal as $76.35.d. A collection charge for $25 (not applicable to Daytona) was erroneously deducted from the account by the bank. Notice that this was the bank’s error.e. Cash receipts of April 30 amounting to $484.75 were mailed to the bank too late to be included in the April bank statement.f. Checks outstanding as of…arrow_forwardA Company provided the following information at year-end comprising the cash account: Cash in bank – demand deposit account 5,000,000 Money order 50,000 Cash on hand 400,000 Manager check 100,000 Postage stamps unused 5,000 Traveler check 1,000,000 Certificate of time deposit with 3-mo. Maturity 1,500,000 Post-dated customer check 500,000 What total amount should be reported as “cash” at year-end?arrow_forwardThe balance in Accounts Receivable at the beginning of the period amounted to $2,880. During the period $9,440 of credit sales were made to customers balance in Accounts Receivable amounted to $1,880, and uncollectible accounts expense amounted to $800, then the amount of cash inflow from customers appear in the operating activities section of the cash flow statement would be Multiple Choice $9.640 $9,440 $12.120 Nore of these answers are correct barrow_forward
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