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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
On December 31, Harrison Company reports the following assets:
Which of these are included in, and excluded from, cash on the company’s balance sheet?
State the items that are included in cash and excluded from cash on the balance sheet of the company.
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:
| Item | Include in cash balance |
| Cash on hand | Yes |
| Checking account | Yes |
| Sinking fund | No |
| ... |
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