Question: Granny's Quilt Shoppe has $ 2 , 5 5 0 in currency and coins in the cash register along with $ 1 , 2 0

Granny's Quilt Shoppe has $2,550 in currency and coins in the cash register along with $1,200 of personal checks. Two of those personal checks, each for $100, are postdated. They also have $300 worth of postage stamps and $250 in the petty cash fund. Additionally, the shop has a balance of $3,000 in their checking account, $4,500 in their savings account, and $2,500 in a certificate of deposit. How much should be reported as cash in the balance sheet?
$8,800
$11,500
$14,200
Granny's Quilt Shoppe has $ 2 , 5 5 0 in currency

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!