The controller for Sheridan Co. is trying to determine the amount of cash to report on the December 31, 2023 5 tatement of financial position, The following information is provided: 1. A commercial savings account with $610,000 and a commercial chequing account balance of $950,000 are held at First National Bank. There is also a bank overdraft of $40,000 in a chequing account at the Royal Scotia Bank. No other aceounts are held at the Royal Scotia Bank. 2. Sheridan has agreed to maintain a cash balance of $96,000 at all times in its chequing account at First National Bank to ensure that credit is available in the future. 3. Sheridan has a \$4-million investment in a Commercial Bank of Montreal money-market mutual fund. This fund has chequing account privileges. 4. There are travel advances of $22,000 for executive travel for the first quarter of next year. \{Employees will complete expense reports after they travel.) 5. A separate cash fundin the amount of $1.0 million is restricted for the retirement of long-term debt. 6. There is a petty cash fund of $3,200. 7. A $1,600 iou from Marianne Koch, a company officer, will be withheld from her salary in January 2024. 8. Thereare 20 cash floats for retail operation cash registers: 8 at $500 and 12 at $610. 9. The company has two certificates of deposit, each for $510,000. These certificates of deposit each had a maturity of 120 days when they were acquired. One was purchased on October 15 and the other on December 27. 10. Sheridan has received a cheque dated January 12,2024 , in the amount of $26,000 from a customer owing funds at December 31. It has also received a cheque dated January 8, 2024. in the amount of $11,000 from a customer as an advance on an order that was placed on December 29 and will be delivered February 1,2024. 11. Sheridan holds $2.2 million of commercial paper of Windsor Co. which is due in 60 days. 5. A separate cash fund in the amount of $1.0 million is restricted for the retirement of long-term debt. 6. There is a petty cash fund of $3,200. 7. A $1,60010 U from Marianne Koch, a company officer, will be withheld from her salary in January 2024. 8. There are 20 cash floats for retail operation cash registers: 8 at $500 and 12 at $610. 9. The company has two certificates of deposit, each for $510,000. These certificates of deposit each had a maturity of 120 days when they were acquired. One was purchased on October 25 and the other on December 27. 10. Sheridan has received a cheque dated January 12,2024 , in the amount of $26,000 from a customer owing funds at December 31. It has also received a cheque dated January 8, 2024, in the amount of $11,000 from a customer as an advance on an order that was placed on December 29 and will be delivered February 1,2024 . 11. Sheridan holds $2.2 million of commercial paper of Windsor Ca, which is due in 60 days. 12. Currency and coin on hand amounted to $7,800. 13. Sheridan acquired 1,300 shares of Sortel for $3.80 per share in late November and is holding them for trading. The shares are still on hand at year end and have a fair value of $4.20 per share on December 31,2023. (a) Calculate the amount of cash to be reported on Sheridan's statement of financial position at December 31,2023. Cash reported on December 31,2023 , balance sheet
