Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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Chapter 7, Problem 7.3BE
To determine
Cash and cash equivalents:
Cash and cash equivalents are the highly liquid investments with the maturity period of less than three months from the date of purchase. It includes
To state: The items that would be included in the company’s balance as cash and cash equivalents.
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D Question 6
An entity reported the following data on
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100,000
1200,000
PCF, including unreplenished expenses of
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50,000
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750,000
A/R net customers account with credit
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2,000,000
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2500,000
11.18 Outstanding deposits and unpresented cheques *
LO3
The following information has been extracted from the cash records of Wheeler Ltd and shows four independent situations.
Assume there were no direct bank debits or credits on the bank statement and that all outstanding deposits and
unpresented cheques in one month appeared on the bank statement in the following month.
1. The total of outstanding deposits on the 30 April bank reconiliation statement was $1875. During May, the company
made deposits of $40 200 to its bank account but the bank statement showed that only $39 840 was deposited during the
month.
2. The total of unpresented cheques on the 30 April bank reconciliation statement was $1440. During May, the total of
cheques issued was $29 175 but the bank statement showed that only $27 720 in cheques were presented during the
month.
3. During July, deposits recorded on the bank statement totalled $46 200, but deposits according to the company's records
were $43 950 and…
Question 17
The following information is available to reconcile Gulf Company's cash book balance with its bank statement balance as of December 31, 2019.
1. On Dec 31, the company's cash account has a $5,400 debit balance, but its December's bank statement shows a balance of S6,500.
ii. Check No. 0121 for $1,054 and Check No. 0142 for $766 were issued by Gulf Company but were still outstanding for the payment by the bank on December 31st.
111. Branch's December 31st daily cash receipts of $4,000 were placed in the bank's night depository on that date but do not appear on the December 31st bank statement.
iv. A credit memorandum enclosed with the December bank statement indicates the bank collected directly an interest amounting $4,540 in cash on a long-term note and
credited in its account. Gulf Company had not recorded this transaction in the cash book before receiving the statement.
v. A debit memorandum for $1,200 lists a NSF (Not Sufficient Fund) check. The check had been received…
Chapter 7 Solutions
Intermediate Accounting, 10 Ed
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Prob. 7.7QCh. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...
Ch. 7 - Prob. 7.11QCh. 7 - Prob. 7.12QCh. 7 - Briefly explain the difference between the income...Ch. 7 - Prob. 7.14QCh. 7 - Is any special accounting treatment required for...Ch. 7 - Explain any possible differences between...Ch. 7 - Prob. 7.17QCh. 7 - What is meant by the discounting of a note...Ch. 7 - What are the key variables that influence a...Ch. 7 - Prob. 7.20QCh. 7 - Prob. 7.21QCh. 7 - (Based on Appendix 7B) Marshall Companies, Inc.,...Ch. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Uncollectible accounts; balance sheet approach ...Ch. 7 - Uncollectible accounts; solving for unknown LO75,...Ch. 7 - Prob. 7.16BECh. 7 - Note receivable LO77 On December 1, 2018,...Ch. 7 - Long-term notes receivable LO74 On April 19,...Ch. 7 - Prob. 7.19BECh. 7 - Factoring of accounts receivable LO78 Refer to...Ch. 7 - Prob. 7.21BECh. 7 - Discounting a note LO78 On March 31, Dower...Ch. 7 - Receivables turnover LO78 Camden Hardwares credit...Ch. 7 - Prob. 7.24BECh. 7 - Prob. 7.25BECh. 7 - Prob. 7.26BECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.23ECh. 7 - Factoring of accounts receivable with recourse ...Ch. 7 - Factoring of accounts receivable with recourse...Ch. 7 - Concepts; terminology LO71 through LO78 Listed...Ch. 7 - Prob. 7.29ECh. 7 - Prob. 7.36ECh. 7 - Prob. 7.1PCh. 7 - Prob. 7.2PCh. 7 - Prob. 7.3PCh. 7 - Prob. 7.5PCh. 7 - Prob. 7.1DMPCh. 7 - Real World Case 74 Sales returns; Green Mountain...Ch. 7 - Ethics Case 75 Uncollectible accounts LO75 You...Ch. 7 - Prob. 7.5DMPCh. 7 - Prob. 7.6DMPCh. 7 - Prob. 7.9DMP
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