Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A new accountant at Ivanhoe Company is trying to identify which of the following amounts should be reported as the current asset Cash and

image text in transcribedimage text in transcribed

A new accountant at Ivanhoe Company is trying to identify which of the following amounts should be reported as the current asset Cash and cash equivalent in the year-end balance sheet, as at June 30, 2021: 1. Currency and coins totalling $89 in a locked box used for petty cash transactions. 2. A 60-day, $12,500 marketable guaranteed investment certificate, due July 31, 2021. 3. June-dated cheques worth $280 that Ivanhoe has received from customers but not yet deposited. A $100 cheque received from a customer in payment of her June account, but postdated to July 1. 4. 5. A balance of $2,300 in the Royal Bank chequing account. 6. A balance of $4,150 in the Royal Bank savings account. 7. Prepaid postage of $59 in the postage meter. 8. 9. 10. 10 A $105 IOU from the company receptionist. Cash register floats of $315. Over-the-counter cash receipts for June 30 consisting of $560 of currency and coins, $160 of cheques from customers, $570 of debit card slips, and $700 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Ignore any related debit or credit card expenses.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts of Accounting

Authors: Cecily A. Raiborn

2nd edition

470499478, 978-0470499474

More Books

Students also viewed these Accounting questions