Yorkville Fertilizer Co. owns the following assets at the balance sheet date. Cash in bank savings account

Question:

Yorkville Fertilizer Co. owns the following assets at the balance sheet date.

Cash in bank savings account ........$ 6,000

Cash on hand ............... 850

Cash refund due from the IRS ....... 1,000

Checking account balance ......... 12,000

Postdated checks .............. 500

What amount should Yorkville report as cash in the balance sheet?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...