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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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On December 31, Harrison Company reports the following assets:

Chapter 6, Problem 1RE, On December 31, Harrison Company reports the following assets: Which of these are included in, and

Which of these are included in, and excluded from, cash on the company’s balance sheet?

To determine

State the items that are included in cash and excluded from cash on the balance sheet of the company.

Explanation

Cash:

Cash is the most liquid asset and it is the source used to engage in the day-to-day transactions of business, payment made to employees, taking advantage of opportunities available in business and meeting the debt obligations of company.

The items that are included in cash and excluded from cash on the balance sheet of the company are as follows:

ItemInclude in cash balance
Cash on handYes
Checking accountYes
Sinking fundNo
...

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