FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Question
Chapter 6, Problem 5QS
To determine
Cash and Cash Equivalents:
Cash is one of the most important liquid assets an entity can have which is utilized for many different purposes, namely, to pay off its obligations, acquire machinery and merchandise, invest in a new project for expansion, etc.
The amount reported for cash and cash equivalents for Anna’s Cookies.
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Students have asked these similar questions
Anna’s Cookies combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported for cash and cash equivalents.
$270 in coins held in store registers.
$4,340 cash in checking accounts.
$770 in accounts payable to suppliers.
$2,550 worth of equipment.
$1,340 cash in a safe at the store.
$6,700 note receivable due in 10 years.
Reporting Cash
Tina Company has the following items at year-end.
Currency and coin in safe.
$4,100
Funds in savings account
(requires $2,500 compensating balance)
26,540
Funds in checking account
6,750
Traveler’s checks
625
Postdated check
1,250
Not-sufficient-funds check
1,880
Money market fund
35,100
RequiredIdentify the amount of the above items that should be reported as cash and cash equivalents on Tina Company’s balance sheet.
Cash and Cash Equivalents = $Answer
Subject -acounting
Chapter 6 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QS
Ch. 6 - Prob. 11QSCh. 6 - Prob. 12QSCh. 6 - Prob. 13QSCh. 6 - Prob. 14QSCh. 6 - Prob. 15QSCh. 6 - Prob. 16QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 17ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1.1AACh. 6 - Prob. 1.2AACh. 6 - Prob. 1.3AACh. 6 - Prob. 1.4AACh. 6 - Prob. 1.5AACh. 6 - Prob. 2.1AACh. 6 - Prob. 2.2AACh. 6 - Prob. 3.1AACh. 6 - Prob. 3.2AACh. 6 - Prob. 3.3AACh. 6 - Prob. 3.4AACh. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQCh. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Harriet Knox, Ralph Patton, and Marcia Diamond...Ch. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTN
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Similar questions
- Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.arrow_forwardTo 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_forwardRecord the following transactions: A. Started a petty cash fund in the amount of $200. B. Replenished petty cash fund using the following expenses: Auto $15, Office Expenses $20, Postage Expense $81, Miscellaneous Expenses $66. Cash on hand is $10. C. Increased petty cash by $75.arrow_forward
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- The following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund 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 $31,345 O $41,345 $38,770 $29,420 $39,420 $ 2,790 $ 10,000 $ 1,475 $ 21,430 $ 650 $ 200 $ 24 $ 5,000arrow_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_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_forward
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