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Khanna Inc. had the following transactions, information and balances in its accounting records for fiscal 2021: (CAD - Canadian dollars; USD = U.S. dollars) Balance
Khanna Inc. had the following transactions, information and balances in its accounting records for fiscal 2021: (CAD - Canadian dollars; USD = U.S. dollars) Balance (CAD) Dec 31/21 9,300 14,300 6,100 21,600 34,100 Post dated cheque from Delhi Holdings Certified cheque from Bora Corp. Cash advance to executive, due on demand Cash restricted for future land purchase Refundable deposits paid to provincial government to secure construction contracts Installment accounts receivable, due in 2022 Shares in Boomer Inc. CAD chequing account at Bank National Chequing account in a foreign currency that is not stable USD savings account at Bank National CAD treasury bill due in 100 days Stamps on hand USD chequing account at Bank National Cash advance given to supplier Money market mutual fund Euro term account at Bank National due in 120 days Cash advance received from customer Bonds of Chelsea Corp. Accounts receivable, due in 30 days Credit balances in Accounts Receivable Advances to sales employees Allowances for doubtful accounts CAD treasury bill due in 40 days USD term deposit at Bank National due in 80 days 60,300 171,200 99,700 12,600 28,600 29,000 800 246,900 13,300 29,400 1,500 13,800 113,900 142,100 8,400 4,800 24,200 5,700 23,300 Required: 1. Determine the amount of "cash" that will be reported on the balance sheet. (1 mark) 2. Determine the amount of "cash equivalents" that will be reported on the balance sheet. (2 mark) 3. Determine the amount of "trade accounts receivable" that will be reported on the balance sheet. (1 mark) 4. Determine the amount of other receivables" that will be reported on the balance sheet. (1 mark) 5. Explain how the allowance for doubtful accounts will be presented on the balance sheet. (1 mark)
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