Warfield Company had the following cash balances at December 31, 2002: Undeposited coin and currency ($35,000 )

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Warfield Company had the following cash balances at December 31, 2002:

Undeposited coin and currency $$35,000 $ .

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In exchange for a guaranteed line of credit. Warfield has agreed to maintain a minimum balance of $$150,000$ in its unrestricted demand deposits account. How much should Warfield report as "Cash" in its December 31, 2002, balance sheet?

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Intermediate Accounting

ISBN: 9780324013078

14th Edition

Authors: Fred Skousen, James Stice, Earl Kay Stice

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Question Posted: May 27, 2024 03:01 AM

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Warfield Company had the following cash balances at December 31, 2002: Undeposited coin and currency ($35,000 )

Question:

Undeposited coin and currency Unrestricted demand deposits. Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until January 2 Time deposits restricted for use (expected use in 2003). $ 35,000 1,450,000 270,000 3,000,000

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Intermediate Accounting

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