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Answer the following questions. (a) In situation (1), what were the deposits in transit at July 31? (b) In situation (2), what were the outstanding
Answer the following questions. (a) In situation (1), what were the deposits in transit at July 31? (b) In situation (2), what were the outstanding checks at July 312 (c) In situation (3). what were the deposits in transit at August 31? (d) In situation (4), what were the outstanding checks at August 31? ation of cash in E8-14 Wynn Company has recorded the following items in its financial records. Cash in bank $ 42,000 Cash in plant expansion fund 100,000 Cash on hand 12,000 Highly liquid investments 34,000 Petty cash 500 Receivables from customers 89,000 Stock investments 61,000 The highly liquid investments had maturities of 3 months or less when they were pur chased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. Instructions (a) What amount should Wynn report as "Cash and cash equivalents" on its balanc sheet? (b) Where should the items not included in part(a) be reported on the balance sheet
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