Reporting Cash on the Balance Sheet Your audit of Watt Corporation discovers the following information: Reconciled balance
Fantastic news! We've Found the answer you've been seeking!
Question:
Reporting Cash on the Balance Sheet
Your audit of Watt Corporation discovers the following information:
Reconciled balance in First National Bank checking account | $ 3,525.80 |
Reconciled balance in City National Bank checking account | (40.20) |
Balance in First Federal savings account | 34,291.00 |
Certificate of deposit | 30,000.00 |
Employee’s IOU | 125.00 |
Employees’ travel advances | 1,640.00 |
Cash on hand (undeposited sales receipts) | 1,232.10 |
Prepaid debit card | 600.00 |
Customer’s postdated check | 290.40 |
Required:
1. What amount should be reported as cash on Watt's balance sheet? (Place the necessary items in the same order as they are provided in the information.) Round your answer to nearest cent, if required.
Watt's Corporation | |
Cash Balance Report | |
$ | |
Cash balance reported on balance sheet | $ |
2. Describe the balance sheet treatment of the items not included in the cash balance..
Classification | |||
Reconciled balance in First National Bank checking account | |||
Reconciled balance in City National Bank checking account | |||
Balance in First Federal savings account | |||
Certificate of deposit | |||
Employee's IOU | |||
Employees' travel advances | |||
Cash on hand (undeposited sales receipts | |||
Prepaid debit card | |||
Customer's postdated check |
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date: