Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A new accountant at Wildhorse Company is trying to identify which of the following amounts should be reported as the current asset Cash in the
A new accountant at Wildhorse Company is trying to identify which of the following amounts should be reported as the current asset Cash in the year-end balance sheet, as at June 30, 2021: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Currency and coins totalling $80 in a locked box used for petty cash transactions. A 60-day, $13,000 guaranteed investment certificate, due July 31, 2021. June-dated cheques worth $212 that Wildhorse has received from customers but not yet deposited. A $99 cheque received from a customer in payment of her June account, but postdated to July 1. A balance of $2,800 in the Royal Bank chequing account A balance of $4,320 in the Royal Bank savings account. Prepaid postage of $68 in the postage meter. A $95 IOU from the company receptionist. Cash register floats of $285. Over-the-counter cash receipts for June 30 consisting of $500 of currency and coins, $130 of cheques from customers, $510 of debit card slips, and $770 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. (a) What amount should Wildhorse report as its cash and cash equivalents balance at June 30, 2021? Cash and cash equivalents balance $ 22603
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started