Please solve part a and b. 8. A $100 IOU from the company receptionist9. Cash register floats of $30010. Over-the-counter cash receipts for June 30 consisting of $570 of currency and coins, $130 of chequesfrom customers, $580 of debit card slips, and $750 of bank credit card slips. These amounts wereprocessed by the bank and posted to the bank account on July 1.Instructions(a) What amount should Magenta report as its cash and cash equivalents balance at June 30, 2014?(b) In which financial statement and in which account should the items not included as cash and cashequivalents be reported? E7-6 A new accountant at Magenta Company is trying to identify which of the following amounts shouldbe reported as the current asset Cash in the year-end balance sheet, as at June 30, 2014:1. Currency and coins totalling $79 in a locked box used for petty cash transactions2. A 60-day, $12,000 guaranteed investment certificate, due July 31, 20143. June-dated cheques worth $300 that Magenta has received from customers but not yet deposited4. A $92 cheque received from a customer in payment of her June account, but postdated to July 15. A balance of $2,500 in the Royal Bank chequing account6. A balance of $4,250 in the Royal Bank savings account7. Prepaid postage of $70 in the postage meter

Name: Please solve part a and b. 8. A $100 IOU from the company receptionist
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Description: Please solve part a and b. 8. A $100 IOU from the company receptionist9. Cash register floats of $30010. Over-the-counter cash receipts for June 30 consisting of $570 of currency and coins, $130 of chequesfrom customers, $580 of debit card slips, and

The cash and cash equivalent consist of the cash and other line items that can be converted into…

Business

Accounting

8. A $100 IOU from the company receptionist 9. Cash register floats of $300 10. Over-the-counter cash receipts for June 30 consisting of $570 of currency and coins, $130 of cheques from customers, $580 of debit card slips, and $750 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Instructions (a) What amount should Magenta report as its cash and cash equivalents balance at June 30, 2014? (b) In which financial statement and in which account should the items not included as cash and cash equivalents be reported?

8. A $100 IOU from the company receptionist 9. Cash register floats of $300 10. Over-the-counter cash receipts for June 30 consisting of $570 of currency and coins, $130 of cheques from customers, $580 of debit card slips, and $750 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Instructions (a) What amount should Magenta report as its cash and cash equivalents balance at June 30, 2014? (b) In which financial statement and in which account should the items not included as cash and cash equivalents be reported?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 16P

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