Oust the Turtle Company had the following account balances on December 31, 2020: Cash in bank A
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Question:
Oust the Turtle Company had the following account balances on December 31, 2020:
Cash in bank A – rank and file payroll account | 200,000 |
Cash in bank B – savings account | 123,456 |
Cash in bank C – checking account | 2,500,555 |
Cash in bank D – savings account | 2,000 |
Cash in bank E – checking account | 676,777 |
Cash in bank F – managerial payroll account | 711,711 |
Cash in bank E was set aside for plant expansion planned to start on January 15, 2021. Cash in bank C was used on February 14, 2021 to buy land.
How much should be reported as cash on December 31, 2020?
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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