Presented below are independent situations. For each individual situation, determine the amount that should be reported...

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Question

Presented below are independent situations. For each individual situation, determine the amount that should be reported...

Presented below are independent situations. For each individual situation, determine the amount that should be reported as cash.

Checking account balance $925,000; certificate of deposit $1,400,000 maturing in 6 months; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.

$

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business accounting

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Answer 1

Answer #1

Answer:

(1) Cash balance $925,000

Explanation;

Certificate of deposit is a temporary investment, cash advance to subsidiary is treated as A/R whereas utility deposit is treated as receivable.

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Answer 2

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