8. A $100 IOU from the company receptionist 9. Cash register floats of $300 10. Over-the-counter cash receipts for June 30 consisting of $570 of currency and coins, $130 of cheques from customers, $580 of debit card slips, and $750 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Instructions (a) What amount should Magenta report as its cash and cash equivalents balance at June 30, 2014? (b) In which financial statement and in which account should the items not included as cash and cash equivalents be reported?
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- A new accountant at Skyline Company is trying to identify which of the following amounts should be reported as the current asset Cash and Cash Equivalents in the year-end balance sheet, as at June 30, 2024: Currency and coins totalling $76 in a locked box used for petty cash transactions. A 60-day, $12,900 guaranteed investment certificate, due July 31, 2024. June-dated cheques worth $375 that Skyline has received from customers but not yet deposited. A $104 cheque received from a customer in payment of her June account, but postdated to July 1. A balance of $2,360 in the Royal Bank chequing account. A balance of $4,160 in the Royal Bank savings account. Prepaid postage of $52 in the postage meter. A $110 IOU from the company receptionist. Cash register floats of $330. Over-the-counter cash receipts for June 30 consisting of $540 of currency and coins, $90 of cheques from customers, $550 of debit card slips, and $740 of bank credit card slips. These amounts were processed by the bank…A new accountant at Splish Brothers Inc. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April 30, 2022. 1. $86 of currency and coin in a locked box used for incidental cash transactions. 2. A $11,900 U.S. Treasury bill, due May 31, 2022. 3. $340 of April-dated checks that Splish Brothers has received from customers but not yet deposited. 4. An $86 check received from a customer in payment of its April account, but postdated to May 1. 5. $4,230 in the company’s checking account. 6. $4,770 in its savings account. 7. $58 of prepaid postage in its postage meter. 8. A $26 IOU from the company receptionist. (a) What balance should Splish Brothers report as its “Cash and cash equivalents” balance at April 30, 2022? Cash and cash equivalents balance at April 30, 2022A new accountant at Splish Brothers Inc. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April 30, 2022. 1. $86 of currency and coin in a locked box used for incidental cash transactions. 2. A $11,900 U.S. Treasury bill, due May 31, 2022. 3. $340 of April-dated checks that Splish Brothers has received from customers but not yet deposited. 4. An $86 check received from a customer in payment of its April account, but postdated to May 1. 5. $4,230 in the company’s checking account. 6. $4,770 in its savings account. 7. $58 of prepaid postage in its postage meter. 8. A $26 IOU from the company receptionist. (a) What balance should Splish Brothers report as its “Cash and cash equivalents” balance at April 30, 2022? Cash and cash equivalents balance at April 30, 2022 $Enter a dollar amount
- A new accountant at Wyne Inc. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April 30, 2022. 1. $60 of currency and coin in a locked box used for incidental cash transactions.2. A $10,000 U.S. Treasury bill, due May 31, 2022.3. $260 of checks that Wyne has received from customers but not yet deposited.4. An $85 check received from a customer in payment of its April account, but postdated to May 1.5. $2,500 in the company’s checking account.6. $4,800 in its savings account.7. $75 of prepaid postage in its postage meter.8. A $25 IOU from the company receptionist. Instructions a. What balance should Wyne report as its “Cash and cash equivalents” balance at April 30, 2022?b. In what account(s) and in what financial statement(s) should the items not included in “Cash and cash equivalents” be reported? ProblemsIdentify internal control principles over cash disbursements.A new accountant at Coronado Inc. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April 30, 2022. 1. $75 of currency and coin in a locked box used for incidental cash transactions. 2. A $12,800 U.S. Treasury bill, due May 31, 2022. 3. $210 of checks that Wyne has received from customers but not yet deposited. 4. An $93 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,700 in the company’s checking account. 6. $5,400 in its savings account. 7. $83 of prepaid postage in its postage meter. 8. A $38 IOU from the company receptionist. (a)What balance should Coronado report as its “Cash and cash equivalents” balance at April 30, 2022? Cash and cash equivalents balance $enter the cash and cash equivalents balance in dollarsThe books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Addifional information that might be useful in reconciling the two balances follows: A. Check No. 748 for P30,000 was originally recorded on the books as P45,000. B. A Customer's note dated September 25 was discounted on October 12. The note was dishonored on December 29, the note's maturity date. The bank charged Cajardo's account for P142,650, including a protest fee of P2,650. C. The deposit of December 24 was recorded on the books as P28,950 but it was actually a deposit of P27.000. D. Outstanding checks totaled P98,850 as of December 31. E. There woas a bank service charge for December of P2,100 not yet recorded on the books. F. Cajardo's account had been charged on December 26 for a customer's NSF check for P12.960. G. Cajardo properly deposited P6.000 on December 3 that was not recorded by the bank. H. Receipts of…
- The books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Additional information that might be useful in reconciling the two balances follows: A. Check No. 748 for P30,000 was originally recorded on the books as P45,000. B. A customer’s note dated September 25 was discounted on October 12. The note was dishonored on December 29, the note’s maturity date. The bank charged Cajardo’s account for P142,650, including a protest fee of P2,650. C. The deposit of December 24 was recorded on the books as P28,950 but it was actually a deposit of P27,000. D. Outstanding checks totaled P98,850 as of December 31. E. There was a bank service charge for December of P2,100 not yet recorded on the books. F. Cajardo’s account had been charged on December 26 for a customer’s NSF check for P12,960. G. Cajardo properly deposited P6,000 on December 3 that was not recorded by the bank. H.…The accounting records of BEE Company show the summary data of its cash receipts and payments for November 2019. Its November Cash Balance has P42,230.003; its Total Cash Receipts is P40,000.00, Total Checks issued is P25,000.00. The company received its Bank Statement indicating a balance of P82,000.00. The following reconciling items were discovered. Item No. 1-A deposit of cash receipts P3,000.00 of November 30 is too late to include in the bank statement. Item No. 2- Outstanding checks were: No. 1234-P2,652.00; No. 1235-P6,557.00; No. 1236-P6,095.00. Item No. 3- The bank collected a note left for collection amounting to P20,000.00 plus interest earned of P600.00 Item No. 4-Check No. 1237-P P690.00 was incorrectly charged by the bank as P960.00 Item No. 5-Check No. 1238-P cleared by the bank with P4,200.00 has been recorded in the company's book as P2,400.00. This was for the payment of the creditor's account. Item No. 6-The customer returned the check for NSF, P7,800.00. Item No.…A new accountant at Bramble Inc. is trying to identify which of the amounts shown below should be reported as the current asset *Cash and cash equivalents" in the year-end balance sheet, as of April 30, 2022. 1. 2. 3. 4. 5. 6. 7. 8. $65 of currency and coin in a locked box used for incidental cash transactions. A $13,700 U.S. Treasury bill, due May 31, 2022. $250 of checks that Wyne has received from customers but not yet deposited. An $84 check received from a customer in payment of its April account, but postdated to May 1. $2,600 in the company's checking account. $5,000 in its savings account. $85 of prepaid postage in its postage meter. A $39 IOU from the company receptionist. (a) What balance should Bramble report as its "Cash and cash equivalents" balance at April 30, 2022? Cash and cash equivalents balance $
- A new accountant at Oriole Inc. is trying to identify which of the amounts shown below should be reported as the current asset "Cash and cash equivalents" in the year-end balance sheet, as of April 30, 2022. 1. 2. 3. 4. 5. 6. 7. 8. (a) $70 of currency and coin in a locked box used for incidental cash transactions. A $10,000 U.S. Treasury bill, due May 31, 2022. $290 of checks that Wyne has received from customers but not yet deposited. An $91 check received from a customer in payment of its April account, but postdated to May 1. $3,300 in the company's checking account. $5,100 in its savings account. $84 of prepaid postage in its postage meter. A $44 IOU from the company receptionist. What balance should Oriole report as its “Cash and cash equivalents" balance at April 30, 2022? Cash and cash equivalents balance $The books of Cajardo Service, Inc. disclosed a cash balance of P687,570 on December 31, 2010. The bank statement as of December 31 showed a balance of P547,800. Additional information that might be useful in reconciling the two balances follows: A. Check No. 748 for P30,000 was originally recorded on the books as P45,000. B. A customer's note dated September 25 was disCounted on October 12. The note was dishonored on December 29, the note's maturity date. The bank charged Cajardo's account for P142,650, including a protest fee of P2,650. C. The deposit of December 24 was recorded on the books as P28,950 but it was actually a deposit of P27,000. D. Outstanding checks totaled P98,850 as of December 31. E. There was a bank service charge for December of P2,100 not yet recorded on the books. F. Cajardo's account had been charged on December 26 for a customer's NSF check for P12,960. G. Cajardo properly deposited P6,000 on December 3 that was not recorded by the bank. H. Receipts of…Gray Corporation controls its cash by depositing receipts on a daily basis and making all disbursements by cheque. After all the posting for the month of August 2020 was completed, the cash balance in the general ledger account at the end of the month was $10,475. The bank statement for the month end received from the First National Bank showed the balance to be $18,000. The following data are available for the purpose of reconciling these balances: a. Cash receipts collected on August 31 amounting to $3,000 have been placed in the night depository and do not appear on the bank statement. b. Bank memos previously not available to the company are included with the bank statement. A memo for an NSF cheque, originally received as payment for an account receivable of $3,000, is included. A memo for bank charges of $75 for the NSF cheque is also included. Another memo advises the company that $2,000 Note Receivable has been collected by the bank, ($1,950 deposit and a bank charge of $50).…