Question

Current Attempt in Progress x Your answer is incorrect. Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. 1. Checking account balance $945,100; certificate of deposit $1,414,300; cash advance to subsidiary of $990,550; utility deposit paid to gas company $194. Cash balance $ 1368656 2. Checking account balance $518,300; an overdraft in special checking account at same bank as normal checking account of $17,580; cash held in a bond sinking fund $249,900; petty cash fund $360; coins and currency on hand $1,510. Cash balance $ 269550 3. Checking account balance $594,200; postdated check from customer $10,930; cash restricted due to maintaining compensating balance requirement of $106,800; certified check from customer $10,253; postage stamps on hand $623. Cash balance $ 497653 4. Checking account balance at bank $38,950; money market balance at mutual fund (has checking privileges) $46,180; NSF check received from customer $771. Cash balance $ 38179 5. Checking account balance $670,400; cash restricted for future plant expansion $461,900; short-term Treasury bills (which mature in 6 months) $191,920; cash advance received from customer $936 (not included in checking account balance); cash advance of $7,470 to company executive, payable demand; refundable deposit of $25,580 paid to federal government to guarantee performance on construction contract. Cash balance $ 176386

Answer 1

Answer:

1	Checking Account Balance	945100
	Certificate of deposit	1414300
	Utilities paid	-194
	Reported as cash	2359206
2	Checking Account Balance	518300
	Overdraft	-17580
	Petty Cash	360
	Currency and coins	1510
	Reported as cash	502590
3	Checking Account Balance	594200
	Certified check	10253
	Reported as cash	604453
4	Checking Account Balance	38950
	Money Market Balance	46180
	Reported as cash	85130
5	Checking Account Balance	670400
	Cash advance from customer	936
	Cash advance to company Executive	-7470
	Refundable Deposit	-25580
	Reported as cash	638286