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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
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
State the amount of cash that must be reported on the balance sheet of Company G.
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.
Justification for the incorrect options of a, c and d:
$1,020,000, $3,020,000 and $3,320,000 are not reported as the cash balance on the Company G’s balance sheet as on December 31, 2019.
Justification for the correct option b:
Compute the amount of cash reported on the balance sheet of Company G:
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