Gia Company has the following information available: Cash pledged as collateral U.S. Treasury bill due in one month (purchased six months ago) U.S. Treasury bill due in one year (purchased yesterday) Cash in checking account $3,000,000 $3,000,000 $2,500,000 $400,000 What is the amount of Cash and Cash Equivalents to be reported on the balance sheet?

Gia Company has the following information available: Cash pledged as collateral U.S. Treasury bill due in one month (purchased six months ago) U.S. Treasury bill due in one year (purchased yesterday) Cash in checking account $3,000,000 $3,000,000 $2,500,000 $400,000 What is the amount of Cash and Cash Equivalents to be reported on the balance sheet?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 5CE

See similar textbooks

Similar questions

Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bank
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Analyze and compare J. C. Penney and Macys J. C. Penney Company, Inc. (JCP) and Macys, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in millions): a. Determine the days cash on hand for each company. Round to one decimal place. b. Which company has the better liquidity position?
Computing Cash Payments for Income Taxes. Visa Inc., a credit card company, reported income tax expense of 1,648 million for Year 1, comprising 1,346 million of current taxes and 302 million of deferred taxes. The balance sheet showed income taxes payable of 122 million at the beginning of Year 1 and 327 million at the end of Year 1. Commute the amount of income taxes paid in cash during Year 1.
Ratio Analysis Intel Corporation provided the following information on its balance sheet and statement of cash flows: Required: 1. Calculate the (a) current ratio, (b) quick ratio, (c) cash ratio, and (d) operating cash flow ratio. ( Note: Round answers to two decimal places.) 2. CONCEPTUAL CONNECTION Interpret these results. 3. CONCEPTUAL CONNECTION Assume that Intel, as a requirement of one of its loans, must maintain a current ratio of at least 2.30. Given the large amount of cash, how could Intel accomplish this on December 31 (be specific as to dollar amounts)?
Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?
Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ∙ $3,000 cash deposit in checking account. ∙ $200, 3-year loan to an employee. ∙ $20,000 bond investment due in 20 years. ∙ $1,000 of currency and coins. ∙ $5,000 U.S. Treasury bill due in 1 month. ∙ $500 of accounts receivable.
Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank—checking account $ 29,500 U.S. Treasury bills (mature in 60 days)* 7,000 Cash on hand (currency and coins) 2,050 U.S. Treasury bills (mature in six months)* 17,000 Undeposited customer checks 2,540 *Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.
Blakely Industries has the following items: Currency $26,250 Customer checks that have not been deposited 700 U.S. government bonds that originally maturing in 3 months 13,000 U.S. government bonds that originally maturing in 12 months 14,000 Cash in saving and checking accounts 64,000 Certificates of deposits that originally maturing in 18 months 47,000 Required: How much should Blakely report as cash and equivalents on its balance sheet?