Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 4.5E
Below are several amounts reported at the end of the year.
Currency located at the company | $1,050 |
Supplies | 3,200 |
Short-term investments that mature within three months | 1,950 |
Accounts receivable | 3,500 |
Balance in savings account | 8,500 |
Checks received from customers but not yet deposited | 650 |
Prepaid rent | 1,450 |
Coins located at the company | 110 |
Equipment | 9,400 |
Balance in checking account | 6,200 |
Required:
Calculate the amount of cash to report in the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A Company provided the following information at year-end comprising the cash account:
Cash in bank – demand deposit account
5,000,000
Money order
50,000
Cash on hand
400,000
Manager check
100,000
Postage stamps unused
5,000
Traveler check
1,000,000
Certificate of time deposit with 3-mo. Maturity
1,500,000
Post-dated customer check
500,000
What total amount should be reported as “cash” at year-end?
Below are several amounts reported at the end of the year.
Currency located at the company
Supplies
Short-term investments that mature within three months
Accounts receivable
Balance in savings account
Checks received from customers but not yet deposited
Prepaid rent
Coins located at the company
Equipment
Balance in checking account
Required:
Calculate the amount of cash to report in the balance sheet.
$ 925
2,700
1,825
3,000
8,000
525
1,325
120
8,900
5,700
Help
Save
A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's Cash account with the
monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer
($330), a customer's note receivable collected by the bank $(1,500), and interest earned $(190).
Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
А
Record the entries that increase cash.
Record the entries that decrease cash.
Credit
Note :
= journal entry has been entered
%3D
Record entry
Clear entry
View general journal
EX:
Chapter 4 Solutions
Financial Accounting
Ch. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - What is meant by the fraud triangle, and what can...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - What is meant by separation of duties?Ch. 4 - Prob. 10RQ
Ch. 4 - Prob. 11RQCh. 4 - Prob. 12RQCh. 4 - Prob. 13RQCh. 4 - Prob. 14RQCh. 4 - Prob. 15RQCh. 4 - Prob. 16RQCh. 4 - Prob. 17RQCh. 4 - Prob. 18RQCh. 4 - Prob. 19RQCh. 4 - Prob. 20RQCh. 4 - Prob. 21RQCh. 4 - 22.What are two primary reasons that the companys...Ch. 4 - Prob. 23RQCh. 4 - Prob. 24RQCh. 4 - Prob. 25RQCh. 4 - Describe how management maintains control over...Ch. 4 - Prob. 27RQCh. 4 - Describe the operating, investing, and financing...Ch. 4 - Why is an analysis of the companys cash balance...Ch. 4 - We compared Regal Entertainment and Cinemark at...Ch. 4 - Prob. 4.1BECh. 4 - Match each of the following components of internal...Ch. 4 - Prob. 4.3BECh. 4 - Prob. 4.4BECh. 4 - During the year, the following sales transactions...Ch. 4 - Prob. 4.6BECh. 4 - Prob. 4.7BECh. 4 - Prob. 4.8BECh. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Prob. 4.11BECh. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - On January 12, Ferrell Incorporated obtains a...Ch. 4 - Prob. 4.17BECh. 4 - For each company, calculate the ratio of cash to...Ch. 4 - Prob. 4.1ECh. 4 - Prob. 4.2ECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Below are several amounts reported at the end of...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Prob. 4.10ECh. 4 - Prob. 4.11ECh. 4 - Prob. 4.12ECh. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Below are cash transactions for Goldman...Ch. 4 - Prob. 4.17ECh. 4 - Prob. 4.18ECh. 4 - Consider the following information: 1.Service...Ch. 4 - Prob. 4.20ECh. 4 - Prob. 4.1APCh. 4 - Prob. 4.2APCh. 4 - Prob. 4.3APCh. 4 - Prob. 4.4APCh. 4 - Prob. 4.5APCh. 4 - Prob. 4.1BPCh. 4 - Prob. 4.2BPCh. 4 - Prob. 4.3BPCh. 4 - Prob. 4.4BPCh. 4 - Prob. 4.5BPCh. 4 - An examination of the cash activities during the...Ch. 4 - Prob. 4.2APFACh. 4 - Prob. 4.3APFACh. 4 - Prob. 4.4APCACh. 4 - Prob. 4.5APECh. 4 - Prob. 4.7APWC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following information is available for Montrose Company at December 31: $ 8,540 $ 250 $ 10,400 $ 1,350 Cash in bank account Petty cash Short-term investment (maturing in two months) Checks from customers Equipment $805 Treasury bill maturing in 60 days Money orders A three-year certificate of deposit maturing in three years $ 10,000 $ 290 $ 6,000 Based on this information, the determine the amount reported as Cash and Cash Equivalents on December 31.arrow_forwardA company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journalarrow_forwardA company's Cash account shows a balance of $3,420 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($60), an NSF check from a customer ($400), a customer's note receivable collected by the bank $(1,400), and interest earned $(170). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forward
- A company's Cash account shows a balance of $5,630 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as deposits outstanding ($1,270), checks outstanding ($2,410), bank service fees ($44), an NSF check from a customer ($240), a customer's note receivable collected by the bank ($570), and interest earned ($70). Prepare the necessary entries to adjust the balance of cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list :X: A Record the entries that increase cash. Record the entries that decrease cash. Credit Note : = journal entry has been entered %D Record entry Clear entry View general journal :X:arrow_forwardAs of June 30, Year 2, the bank statement showed an ending balance of $17,806. The unadjusted Cash account balance was $16,167. The following information is available: 1. Deposit in transit, $2,195. 2. Credit memo in bank statement for interest earned in June, $14. 3. Outstanding check, $3,834. 4. Debit memo for service charge, $14. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information. (Negative amounts should be indicated with minus sign.) Bank Reconciliation Unadjusted bank balance 6/30/Year 2 True cash balance 6/30/Year 2 Unadjusted book balance 6/30/Year 2 True cash balance 6/30/Year 21arrow_forwardHelp Save & A company's bank statement shows a cash balance of $4,250. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $4,280, deposits outstanding of $1,230, NSF check of $390, and service fee of $54. Calculate the correct balance of cash. Cash balancearrow_forward
- At year-end, Slamdunk Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check…arrow_forwardBourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash.arrow_forwardAt year-end, Kyo Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check 150,000 Money order…arrow_forward
- What total amount should be reported as cash at year-end? Affable Company provided the following information at year-end comprising the cash account: 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 Cash in bank – demand deposit Cash on hand Postage stamps unused Certificate of time deposit Money order Manager's check Traveler's check Postdated customer checkarrow_forwardBourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is itarrow_forwardAs of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License