compute the amount included in the "Trade and Other Receivable" of the entity's financial position

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 7P: Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019,...
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CocoMelon Company is preparing its 2020 financial statement, accounting period ends on December 31. You have been asked to compute the amount included in the "Trade and Other Receivable" of the entity's financial position from the following information:

A. A $10,000 check received from a customer dated February 1, 2021 is on hand.

B. A customer's check for $20,000 was included in the December 20 deposit. It was returned by the bank stamped "NSF”. No entry had yet been made by Masaya to reflect the return.

C. A $50,000 Certificate of Deposits on which $2,000 of interest accrued to December 31 has just been recorded by debiting Interest Receivable and crediting Interest Income. The chief accountant proposes to report the $50,000 as "Cash in Bank”.

D. Masaya has a $5,000 petty cash fund. As of December 31, the fund custodian reported expense vouchers covering various expenses in the amount of $4,570 and cash of $420.

E. Postage stamps that costs $100 are in the cash drawer.

F. A cashier's check of $3,000 payable to Masaya is in the cash drawer, it is dated December 29.

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