The controller for Oriole Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. Oriole received a post-dated check from a customer. The check is dated January 1, 2018, in the amount of $40,000. The company has a certificate of deposit of $88,000. The CD matures 120 days after its November 1, 2017 date of origination. Oriole Co. holds a commercial savings account of $413,000 and a commercial checking account balance of $1,000,000 at First National Bank of Alexander. In addition, a bank overdraft of $86,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. A separate cash fund in the amount of $1, 385,000 is set aside for the expansion of the company's New Jersey factory. On December 21, 2017, Oriole Co. purchased $760,000 of commercial paper from Voight, Inc. The commercial paper matures January 14, 2018. Currency and coin on hand amounted to $10, 506. A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Oriole Co. to write checks on the full account balance, which was $915,000 at December 31, 2017. Oriole Co. has agreed to maintain a cash balance of $260,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Oriole Co.'s petty cash fund is $600. During December 2017, Oriole Co. made travel advances to employees totaling $25,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an I.O.U. from Stiller LLP, a company customer, on December 12, 2017, in the amount of $24,000. Compute the amount of cash to be reported on Oriole Co.'s balance sheet at December 31, 2017. Cash reported on December 31, 2017, balance sheet The controller for Oriole Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. Oriole received a post-dated check from a customer. The check is dated January 1, 2018, in the amount of $40,000. The company has a certificate of deposit of $88,000. The CD matures 120 days after its November 1, 2017 date of origination. Oriole Co. holds a commercial savings account of $413,000 and a commercial checking account balance of $1,000,000 at First National Bank of Alexander. In addition, a bank overdraft of $86,000 existed at year-end in a separate account that the company uses to deposit cash receipts at First National Bank of Alexander. A separate cash fund in the amount of $1, 385,000 is set aside for the expansion of the company's New Jersey factory. On December 21, 2017, Oriole Co. purchased $760,000 of commercial paper from Voight, Inc. The commercial paper matures January 14, 2018. Currency and coin on hand amounted to $10, 506. A money market fund account held at Rogers, Inc. (a mutual fund organization) permits Oriole Co. to write checks on the full account balance, which was $915,000 at December 31, 2017. Oriole Co. has agreed to maintain a cash balance of $260,000 at all times at First National Bank of Alexander to ensure future credit availability. The balance in Oriole Co.'s petty cash fund is $600. During December 2017, Oriole Co. made travel advances to employees totaling $25,000 for executive travel that will occur during the first quarter of 2018. The employees will not reimburse the company for the advance, but are required to spend the funds on company-related travel and to submit receipts. The company received an I.O.U. from Stiller LLP, a company customer, on December 12, 2017, in the amount of $24,000. Compute the amount of cash to be reported on Oriole Co.'s balance sheet at December 31, 2017. Cash reported on December 31, 2017, balance sheet
