Required information[The following information applies to the questions displayed below.]Harristown Hockey Club (HHC) maintains a petty cash fund for minor club expenditures. The petty cash custodian, WayneCrosby, describes the events that occurred during the last two months:a. I established the fund by cashing a check from HHC for $300 made payable to me.b. Tom Canuck provided a $88 receipt for repairs to the club's computer, so I paid $88 cash to him.c. Kim Harra provided a receipt for $68 for various supplies she planned to use to decorate the arena later this year. I paid$68 cash to her.d. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and Ipaid him $98.e. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I receivedand cashed a check from HHC for $254, placing the cash into a locked cash box.f. Wendy Wignes provided receipts for supplies purchased for the club's office for use next month. I paid $143 cash to her.g. Destiny Hook provided a phone bill showing she had paid $48 for telephone calls made to contact referees for theannual tournament. I paid her $48 cash.h. Gutty McTavish submitted a receipt for $53 for a haircut he received. I did not pay him.i. On the last day of the month, I received and cashed a check from HHC for $191, placing the cash into the locked cashbox. 2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers'compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"?Cash and Cash Equivalents$ (1,320)

Calculate the amount of "Cash and Cash Equivalents" to be reported by the company on its balance…

Answered: 2. If HHC has $1,900 cash, $500 of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. If HHC has $1,900 cash, $500 of government Treasury bills purchased four months ago, $930 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalents $ (1,320)