Refer to the financial statements of The Home Depot in Appendix A at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. As with many retail companies, The Home Depot labels the period "Fiscal 2016" even though it ends in the 2017 calendar year. The label "Fiscal 2016" is appropriate because Fiscal 2016 includes 11 months from the 2016 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. How much does The Home Depot report for Cash and Cash Equivalents, and Restricted Cash (in millions) at January 29, 2017? $2,538 and $2,216 $2,538 and $2,029 $17724 and $1,235 $2,538 and 50 2. Accompanying the financial statements are reports issued by management and an independent registered public accounting firm regarding the company's Internal control According to these reports, did the company maintain effective internal control over financial reporting $2,538 and $2,216 $2,538 and $2,029 $17724 and $1,235 $2,538 and $0 2. Accompanying the financial statements are reports issued by management and an independent registered public accounting firm regarding the company's internal control. According to these reports, did the company maintain effective internal control over financial reporting Management concluded: yes, independent registered public accounting firm concluded: yes. O Management concluded: yes; independent registered public accounting firm concluded, no Management concluded: no Independent registered public accounting firm concluded: yes Management concluded: no; Independent registered public accounting firm concluded: no. transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Deposits Other $7,eee #301 $10,eee 23e2 5,200 9, eee Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 #303 460 Balance $ 17,000 24, eee 14,000 8,8ee 17,800 17,340 17,440 17,200 13, eee 12,948 12,940 Interest NSF check $100 240 #304 4,200 Service charge 60 May 1 Balance May 1 May 7 May 29 Cash (A) 17,000 7,000 9,800 5,200 10,000 5,200 460 4,200 900 9301 May 2 8302 May 4 #303 May 11 #304 May 23 #305 May 29 May 31 Balance 17,440 Required information 1. Prepare a bank reconciliation for May. Bank Statement Ending Balance Per Bank Statement Additions: MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending Balance Per Cash Account Additions: 0 0 0 0 Deductions: Deductions: 5 2. Prepare any Journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, selec "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2. Prepare any Journal entries required as a result of the bank reconciliation (If no entry is required for a transaction/event, selec "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service charges of $60 deducted by the bank. Note: Enter debit before credits Transaction General Journal Debit Credit , #301 $10,000 #302 5,200 9, eee #303 460 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 Interest NSF check $100 240 42,00 14,000 8,800 17,880 17,340 17,440 17,200 13,000 12,940 12,94e #304 4,200 Service charge 60 May 1 Balance May 1 May 7 May 29 Cash (A) 17,eee 7,0ee 9,000 5,200 10,000 5,200 460 4,2ee 900 #381 May 2 #302 May 4 #303 May 11 #304 May 23 w305 May 29 May 31 Balance 17,440 3. After the reconciliation Journal entries are posted, what balance will be reflected in the Cash account in the ledger? Balance in Cuth Account Refer to the financial statements of The Home Depot in Appendix A at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. As with many retail companies, The Home Depot labels the period "Fiscal 2016" even though it ends in the 2017 calendar year. The label "Fiscal 2016" is appropriate because Fiscal 2016 includes 11 months from the 2016 calendar year. The Home Depot explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. How much does The Home Depot report for Cash and Cash Equivalents, and Restricted Cash (in millions) at January 29, 2017? $2,538 and $2,216 $2,538 and $2,029 $17724 and $1,235 $2,538 and 50 2. Accompanying the financial statements are reports issued by management and an independent registered public accounting firm regarding the company's Internal control According to these reports, did the company maintain effective internal control over financial reporting $2,538 and $2,216 $2,538 and $2,029 $17724 and $1,235 $2,538 and $0 2. Accompanying the financial statements are reports issued by management and an independent registered public accounting firm regarding the company's internal control. According to these reports, did the company maintain effective internal control over financial reporting Management concluded: yes, independent registered public accounting firm concluded: yes. O Management concluded: yes; independent registered public accounting firm concluded, no Management concluded: no Independent registered public accounting firm concluded: yes Management concluded: no; Independent registered public accounting firm concluded: no. transit at the end of April, but a deposit was in transit at the end of May. BANK STATEMENT Checks Deposits Other $7,eee #301 $10,eee 23e2 5,200 9, eee Balance, May 1 May 2 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 #303 460 Balance $ 17,000 24, eee 14,000 8,8ee 17,800 17,340 17,440 17,200 13, eee 12,948 12,940 Interest NSF check $100 240 #304 4,200 Service charge 60 May 1 Balance May 1 May 7 May 29 Cash (A) 17,000 7,000 9,800 5,200 10,000 5,200 460 4,200 900 9301 May 2 8302 May 4 #303 May 11 #304 May 23 #305 May 29 May 31 Balance 17,440 Required information 1. Prepare a bank reconciliation for May. Bank Statement Ending Balance Per Bank Statement Additions: MARTIN COMPANY Bank Reconciliation At May 31 Company's Books Ending Balance Per Cash Account Additions: 0 0 0 0 Deductions: Deductions: 5 2. Prepare any Journal entries required as a result of the bank reconciliation. (If no entry is required for a transaction/event, selec "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2. Prepare any Journal entries required as a result of the bank reconciliation (If no entry is required for a transaction/event, selec "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service charges of $60 deducted by the bank. Note: Enter debit before credits Transaction General Journal Debit Credit , #301 $10,000 #302 5,200 9, eee #303 460 May 5 May 7 May 8 May 14 May 17 May 22 May 27 May 31 Balance, May 31 Interest NSF check $100 240 42,00 14,000 8,800 17,880 17,340 17,440 17,200 13,000 12,940 12,94e #304 4,200 Service charge 60 May 1 Balance May 1 May 7 May 29 Cash (A) 17,eee 7,0ee 9,000 5,200 10,000 5,200 460 4,2ee 900 #381 May 2 #302 May 4 #303 May 11 #304 May 23 w305 May 29 May 31 Balance 17,440 3. After the reconciliation Journal entries are posted, what balance will be reflected in the Cash account in the ledger? Balance in Cuth Account
