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Hello! My professor said that we should prepare our answers or solutions in a worksheet. How should I do it (cash and cash equivalents) in
Hello! My professor said that we should prepare our answers or solutions in a worksheet. How should I do it (cash and cash equivalents) in a worksheet? Thank you.
Problem 1-10 (AICPA Adapted) Tranvia Company revealed the following information on December 31, 2019: 350,000 750,000 Cash in checking account Cash in money market account Treasury bill, purchased November 1, 2019 maturing January 31, 2020 Time deposit purchased December 1, 2019 maturing March 31, 2020 3,500,000 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2019? a. 1,100,000 b. 3,850,000 C. 4,600,000 d. 8,600,000 Problem 1-11 (IAA) 7-13 Affable Company provided the following information at year-end comprising the cash account: Cash in bank-demand deposit Cash on hand Postage stamps unused Certificate of time deposit Money order Manager check Traveler check Postdated customer check 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 What total amount should be reported as cash at year-end? a. 8,050,000 b. 7,050,000 c. 6,550,000 d. 6,450,000Step by Step Solution
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