BE7.1 (LO1) Kraft Enterprises owns the following assets at December 31, 2019.Cash in bank-savings account €68,000Cash on hand9,300Tax refund due31,400Checking account balance17,000Postdated checks750Certificates of deposit (180-day) 90,000What amount should be reported as cash? E7.1 (LO1) (Determine Cash Balance) The controller for Wallaby plc is attemptingto determine the amount of cash and cash equivalents to be reported on itsDecember 31, 2019, statement of financial position. The following information isprovided.1. Commercial savings account of £600,000 and a commercial checkingaccount balance of £800,000 are held at First National Bank of Olathe.2. Money market fund account held at Volonte Co. (a mutual fundorganization) permits Wallaby to write checks on this balance, £5,000,000.3. Travel advances of £180,000 for executive travel for the first quarter of nextyear (employee to reimburse through salary reduction).4. A separate cash fund in the amount of £1,500,000 is restricted for theretirement of long-term debt.5. Petty cash fund of £1,000.6. An 1.O.U. from Marianne Koch, a company customer, in the amount of£150,000.7. A bank overdraft of £110,000 has occurred at one of the banks thecompany uses to deposit its cash receipts. At the present time, the companyhas no deposits at this bank.8. The company has two certificates of deposit, each totaling £500,000. TheseCDs have a maturity of 120 days.9. Wallaby has received a check that is dated January 12, 2020, in the amountof £125,000.10. Wallaby has agreed to maintain a cash balance of £500,000 at all times atFirst National Bank of Olathe to ensure future credit availability.11. Wallaby has purchased £2,100,000 of commercial paper of Sergio LeoneCo. which is due in 60 days.12. Currency and coin on hand amounted to £7,700.Instructionsa. Compute the amount of cash (and cash equivalents) to be reported onWallaby plc's statement of financial position at December 31, 2019.b. Indicate the proper reporting for items that are not reported as cash on theDecember 31, 2019, statement of financial position.

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Accounting

What amount should be reported as cash?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 9MCQ: Refer to the information for Cornett Company above. What amount should Cornett report on its...

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Refer to the information for Cornett Company above. What amount should Cornett report on its statement of cash flows as net cash flows provided by investing activities? a. $(5,200) b. $55,200 c. $144,800 d. None of these
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