Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Question
Chapter 4, Problem 50E
To determine
Concept Introduction:
Cash and Cash Equivalents:
Cash is the category that includes currency, coins, and deposits in bank accounts. Cash Equivalent is the category which includes short term and highly liquid assets which are readily convertible into cash. Liquidity is the term used for company’s ability of payoff its liabilities.
To Calculate:
The amount of cash and Cash Equivalent.
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Students have asked these similar questions
Exam 3 (Chapters 5-6)
28
Book
The following information is available for Birch Company at December 31
Cash in registers
Investment naturing in 9 years
Accounts receivable
Cash in bank account
Accounts payable
Cash in petty cash fundi
Inventory of postage stamps
U.S. Treasury bill maturing in 15 days
Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of
Multiple Choice
O
$40.606
$43.091
$38,061
$39,066
$54,261
$ 2,910
$ 16,200
$ 1,775
$ 23,631
$ 770
$ 320
$ 30
$ 11,200
Cash Reporting
Richter Industries has the following items:
Currency
$27,500
Customer cheques that have not been deposited
850
Canada government bonds that originally mature in 3 months
11,000
Canada government bonds that originally mature in 12 months
14,000
Cash in savings and chequing accounts
50,000
Certificates of deposits that originally mature in 18 months
47,000
Required:
How much should Richter report as cash and equivalents on its balance sheet?
The amount reported as “cash on hand” as of June 30 should be
a. $105,000
b. $55,000
c. $75,000
d. $180,000
Chapter 4 Solutions
Cornerstones of Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - The Sarbanes-Oxley Act increased top managements...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 18DQCh. 4 - Prob. 19DQCh. 4 - Prob. 20DQCh. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - Prob. 1MCQCh. 4 - Prob. 2MCQCh. 4 - Which of the following is not one of the five...Ch. 4 - Prob. 4MCQCh. 4 - The internal audit function is part of what...Ch. 4 - Prob. 6MCQCh. 4 - Prob. 7MCQCh. 4 - Prob. 8MCQCh. 4 - Which one of the following would not appear on a...Ch. 4 - Prob. 10MCQCh. 4 - Prob. 11MCQCh. 4 - Prob. 12MCQCh. 4 - Prob. 13MCQCh. 4 - Prob. 14MCQCh. 4 - Prob. 15MCQCh. 4 - Prob. 16CECh. 4 - Prob. 17CECh. 4 - Cornerstone Exercise 4-18 Adjusting Entry from...Ch. 4 - Prob. 19CECh. 4 - Prob. 20CECh. 4 - Cornerstone Exercise 4-21 Cash Over and Short On a...Ch. 4 - Cornerstone Exercise 4-22 Cash Over and Short...Ch. 4 - Prob. 23CECh. 4 - Prob. 24CECh. 4 - Prob. 25BECh. 4 - Prob. 26BECh. 4 - Prob. 27BECh. 4 - Prob. 28BECh. 4 - Prob. 29BECh. 4 - Prob. 30BECh. 4 - Prob. 31BECh. 4 - Prob. 32BECh. 4 - Prob. 33BECh. 4 - Prob. 34BECh. 4 - Prob. 35BECh. 4 - Prob. 36BECh. 4 - Prob. 37BECh. 4 - Prob. 38BECh. 4 - Prob. 39ECh. 4 - Prob. 40ECh. 4 - Prob. 41ECh. 4 - Prob. 42ECh. 4 - Miller Enterprises deposits the cash received...Ch. 4 - Prob. 44ECh. 4 - Prob. 45ECh. 4 - Prob. 46ECh. 4 - Prob. 47ECh. 4 - Hawk Enterprises identified the following items on...Ch. 4 - Prob. 49ECh. 4 - Prob. 50ECh. 4 - Prob. 51ECh. 4 - Prob. 52ECh. 4 - Prob. 53ECh. 4 - Exercise 4-54 Operating Cycle and Current...Ch. 4 - Prob. 55APSACh. 4 - Prob. 56APSACh. 4 - Prob. 57APSACh. 4 - Prob. 58APSACh. 4 - Prob. 59APSACh. 4 - Prob. 60APSACh. 4 - Prob. 61APSACh. 4 - Prob. 55BPSBCh. 4 - Prob. 56BPSBCh. 4 - Prob. 57BPSBCh. 4 - Prob. 58BPSBCh. 4 - Prob. 59BPSBCh. 4 - Prob. 60BPSBCh. 4 - Prob. 61BPSBCh. 4 - Prob. 62.1CCh. 4 - Prob. 62.2CCh. 4 - Prob. 62.3CCh. 4 - Prob. 62.4CCh. 4 - Prob. 63.1CCh. 4 - Prob. 63.2CCh. 4 - Prob. 64.1CCh. 4 - Prob. 64.2CCh. 4 - Prob. 65CCh. 4 - Prob. 66.1CCh. 4 - Prob. 66.2CCh. 4 - Prob. 67.1CCh. 4 - Prob. 67.2CCh. 4 - Prob. 68.1CCh. 4 - Prob. 68.2CCh. 4 - Prob. 68.3CCh. 4 - Prob. 68.4CCh. 4 - Prob. 69.1CCh. 4 - Prob. 69.2CCh. 4 - Prob. 69.3CCh. 4 - Prob. 69.4CCh. 4 - Case 4-70 CONTINUING PROBLEM: FRONT ROW...Ch. 4 - Prob. 70.2CCh. 4 - Prob. 70.3CCh. 4 - Prob. 70.4C
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- Question 3 of 4 > -/2 View Policies Current Attempt in Progress Ouellette Ltée reports the following items: cash in bank $17,500; payroll bank account $6,000; cash register floats $500; and trading investments consisting of term deposits with maturity dates of less than 90 days $5,000. Determine which items described above would be considered cash, cash equivalents, or other items to be reported on the statement of financial position. Cash in bank Payroll bank account Cash register floats Trading investments eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answerarrow_forwardKindly answer problems 3 and 1.arrow_forwardPROBLEM 1. 4111 Company had the following items in its "Cash and cash equivalents" account as of December 31, 2022: Cash on hand P125,000Bank time deposit (acquired 12/30/2022; due in 2/28/2023) 150,000Petty cash fund - including P2,550 unreplenished vouchers dated December 27-30, 2022; and P1,200 dated January 4, 2023 10,000Cash in foreign bank - unrestricted ($5,000; average rate - P50; closing rate - P52) 250,000Cash restricted for additions to plant (to be disbursed in 2025) 1,200,000Cash in bank - to be used for payment of 2023 dividends and taxes 1,380,000 How much should be reported as cash and cash equivalents as of December 31, 2022? a. P1,875,450 b. P1,922,450 c. P1,921,250 d. P1,944,250 PROBLEM 2. The following data were taken from the accounting records of 423, Inc Balance at January 1, 2022 5,000 balls @ P20Purchases:…arrow_forward
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