INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264046249
Author: SPICELAND
Publisher: MCG
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Chapter 7, Problem 7.3BE
To determine
Cash and cash equivalents:
Cash and cash equivalents are the highly liquid investments with the maturity period of less than three months from the date of purchase. It includes
To state: The items that would be included in the company’s balance as cash and cash equivalents.
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Students have asked these similar questions
D Question 6
An entity reported the following data on
December 31,2019:
Cash in bank, net of bank overdraft of
100,000
1200,000
PCF, including unreplenished expenses of
10,000
50,000
Notes receivables
750,000
A/R net customers account with credit
balances of 200K
2,000,000
Inventory, excluding unrecorded purchase of
300,000 on
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2500,000
Required information
Problem 8-4A Preparing a bank reconciliation and
recording adjustments LO P3
[The following information applies to the questions displayed
below.]
The following information is available to reconcile Branch
Company's book balance of cash with its bank statement
cash balance as of July 31.
a. On July 31, the company's Cash account has a $25,677
debit balance, but its July bank statement shows a
$27,364 cash balance.
b. Check No. 3031 for $1,240, Check No. 3065 for $396, and
Check No. 3069 for $2,008 are outstanding checks as of
July 31.
c. Check No. 3056 for July rent expense was correctly
written and drawn for $1,280 but was erroneously entered
in the accounting records as $1,270.
d. The July bank statement shows the bank collected
$6,500 cash on a note for Branch. Branch had not
recorded this event before receiving the statement.
e. The bank statement shows an $805 NSF check. The
check had been received from a customer, Evan Shaw.
Branch has not yet recorded this…
11.18 Outstanding deposits and unpresented cheques *
LO3
The following information has been extracted from the cash records of Wheeler Ltd and shows four independent situations.
Assume there were no direct bank debits or credits on the bank statement and that all outstanding deposits and
unpresented cheques in one month appeared on the bank statement in the following month.
1. The total of outstanding deposits on the 30 April bank reconiliation statement was $1875. During May, the company
made deposits of $40 200 to its bank account but the bank statement showed that only $39 840 was deposited during the
month.
2. The total of unpresented cheques on the 30 April bank reconciliation statement was $1440. During May, the total of
cheques issued was $29 175 but the bank statement showed that only $27 720 in cheques were presented during the
month.
3. During July, deposits recorded on the bank statement totalled $46 200, but deposits according to the company's records
were $43 950 and…
Chapter 7 Solutions
INTERMEDIATE ACCOUNTING
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Prob. 7.7QCh. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...
Ch. 7 - Prob. 7.11QCh. 7 - Prob. 7.12QCh. 7 - Briefly explain the difference between the income...Ch. 7 - Prob. 7.14QCh. 7 - Is any special accounting treatment required for...Ch. 7 - Explain any possible differences between...Ch. 7 - Prob. 7.17QCh. 7 - What is meant by the discounting of a note...Ch. 7 - What are the key variables that influence a...Ch. 7 - Prob. 7.20QCh. 7 - Prob. 7.21QCh. 7 - (Based on Appendix 7B) Marshall Companies, Inc.,...Ch. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Uncollectible accounts; balance sheet approach ...Ch. 7 - Uncollectible accounts; solving for unknown LO75,...Ch. 7 - Prob. 7.16BECh. 7 - Note receivable LO77 On December 1, 2018,...Ch. 7 - Long-term notes receivable LO74 On April 19,...Ch. 7 - Prob. 7.19BECh. 7 - Factoring of accounts receivable LO78 Refer to...Ch. 7 - Prob. 7.21BECh. 7 - Discounting a note LO78 On March 31, Dower...Ch. 7 - Receivables turnover LO78 Camden Hardwares credit...Ch. 7 - Prob. 7.24BECh. 7 - Prob. 7.25BECh. 7 - Prob. 7.26BECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.23ECh. 7 - Factoring of accounts receivable with recourse ...Ch. 7 - Factoring of accounts receivable with recourse...Ch. 7 - Concepts; terminology LO71 through LO78 Listed...Ch. 7 - Prob. 7.29ECh. 7 - Prob. 7.36ECh. 7 - Prob. 7.1PCh. 7 - Prob. 7.2PCh. 7 - Prob. 7.3PCh. 7 - Prob. 7.5PCh. 7 - Prob. 7.1DMPCh. 7 - Real World Case 74 Sales returns; Green Mountain...Ch. 7 - Ethics Case 75 Uncollectible accounts LO75 You...Ch. 7 - Prob. 7.5DMPCh. 7 - Prob. 7.6DMPCh. 7 - Prob. 7.9DMP
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