Answered: Cash in banks $1,300,000 Petty cash…

Cash in banks $1,300,000 Petty cash funds (all funds were reimbursed on December 31, 2019) Cash legally restricted for additions to plant (expected to be disbursed in 2021) 20,000 2,000,000

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 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Question

Greenfield Company had the following cash balances at December 31, 2019:

Cash in banks includes $300,000 of compensating balances against short-
term borrowing arrangements at December 31, 2019. The compensating
balances are not legally restricted as to withdrawal by Greenfield. In the
current assets section of Green-field's December 31, 2019, balance sheet,
what total amount should be reported as cash?
a. $1,020,000
b. $1,320,000
c. $3,020,000
d. $3,320,000

Cash in banks
$1,300,000
Petty cash funds (all funds were
reimbursed on December 31, 2019)
Cash legally restricted for additions to
plant (expected to be disbursed in
2021)
20,000
2,000,000

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