Principles Of Accounting
12th Edition
ISBN: 9781285637877
Author: NEEDLES
Publisher: Cengage
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Chapter 8, Problem 6EA
To determine
Determine the amount of cash and cash equivalents that will be reported on the Company B’s
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E6B. At year end, Paige Company had currency and coins in cash registers of $2,800,
money orders from customers of $5,000, deposits in checking accounts of $32,000,
U.S. Treasury bills due in 80 days of $90,000, certificates of deposit at the bank that
mature in six months of $100,000, and U.S. Treasury bonds due in one year of $50,000.
Calculate the amount of cash and cash equivalents that will be shown on the company's
year-end balance sheet.
Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount
reported on the year-end balance sheet for cash and cash equivalents.
$19,000 cash deposit in checking account.
$52,000 bond investment due in 20 years.
$13,000 U.S. Treasury bill due in 1 month.
$1,000, 3-year loan to an employee.
$4,200 of currency and coins.
$1,300 of accounts receivable.
Checking account
Bond investment
U.S. Treasury bill
Loan to an employee
Currency and coins
Accounts receivable
Cash and cash equivalents
$
Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount
reported on the year-end balance sheet for cash and cash equivalents.
$13,000 cash deposit in checking account.
• $40,000 bond investment due in 20 years.
$10,000 U.S. Treasury bill due in 1 month.
$700, 3-year loan to an employee.
$3,000 of currency and coins.
$1,000 of accounts receivable.
Included in
Cash and Cash Equivalents
Equivalents?
Cash and Cash
Amount
Amount
Checking account
$4
13,000
Bond investment
40,000
U.S. Treasury bill
10,000
700
Loan to an employee
Currency and coins
3,000
Accounts receivable
1,000
Total Cash and cash equivalents
Chapter 8 Solutions
Principles Of Accounting
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Similar questions
- Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . $4,000 cash deposit in checking account. . $22,000 bond investment due in 20 years. • $5,500 U.S. Treasury bill due in 1 month. $250, 3-year loan to an employee. • $1,200 of currency and coins. $550 of accounts receivable. Included in Cash and Cash and Amount Cash Equivalents? Cash Equivalents Amount Checking account $ 4,000 Bond investment 22,000 U.S. Treasury bill 5,500 Loan to an employee 250 Currency and coins 1,200 Accounts receivable 550 Total Cash and cash equivalentsarrow_forwardThe companys balance sheet showed an accounts receivble balance of $80,000 at the begininng of the year and $47,000 at the end of the year. The company reported $720,000 in credit sales for the year. What was the amount of cash collected on account receivables durig the yeararrow_forwardThe following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $360,000: allowance for uncollectible accounts at the beginning, $30,000, credit sales during the year, $1,800,000; accounts receivable written off during the year $19,200; cash collections from customers; $1,740,000. the company estimates that the required year-end balance in the allowance for uncollectible accounts should be $40,080. What is the year-end gross and net accounts receivable balance?arrow_forward
- Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ∙ $3,000 cash deposit in checking account. ∙ $200, 3-year loan to an employee. ∙ $20,000 bond investment due in 20 years. ∙ $1,000 of currency and coins. ∙ $5,000 U.S. Treasury bill due in 1 month. ∙ $500 of accounts receivable.arrow_forwardThe following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: $ 2,820 $ 15,300 $1,550 $ 22,731 $ 680 $ 230 $ 21 $ 10,300arrow_forwardht nces Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . . . . $5,000 cash deposit in checking account. $24,000 bond investment due in 20 years. $6,000 U.S. Treasury bill due in 1 month. $300, 3-year loan to an employee. $1,400 of currency and coins. $600 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee Currency and coins Accounts receivable Amount Total Cash and cash equivalents 5,000 24,000 6,000 300 1,400 600 Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ $ 0 0 0 0 0 0 0arrow_forward
- es Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ● $7,000 cash deposit in checking account. . $28,000 bond investment due in 20 years. . $7,000 U.S. Treasury bill due in 1 month. . $400, 3-year loan to an employee. • $1,800 of currency and coins. . $700 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee. Currency and coins Accounts receivable $ Amount Total Cash and cash equivalents 7,000 28,000 7,000 400 1,800 700 Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ $ 0 0 0 0 0 0 0arrow_forwardThe following information is available for Birch Company at December 31: Cash in registers Investment maturing in 9 years Accounts receivable Cash in bank account Accounts payable Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill maturing in 15 days Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: Multiple Choice $29,420 $41,345 $ 2,790 $ 10,000 $ 1,475 $ 21,430 $ 650 $200 $24 $ 5,000arrow_forwardGia Company has the following information available: Cash pledged as collateral U.S. Treasury bill due in one month (purchased six months ago) U.S. Treasury bill due in one year (purchased yesterday) Cash in checking account $3,000,000 $3,000,000 $2,500,000 $400,000 What is the amount of Cash and Cash Equivalents to be reported on the balance sheet? O A. $0 O B. $3,400,000 O C. $400,000 O D. $5,900,000arrow_forward
- At year-end, Kyo Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check 150,000 Money order…arrow_forwardTaehyung Company reported a balance of P258,000 in its Cash account at the end of the month. There were P120,000 deposits in transit and P90,000 outstanding checks. The bank statement showed a balance of P300,000, service charges of P36,000 and the proceeds of a note collected by the bank for the company. The note had a face value of P90,000. The interest on the note collected by the bank wasarrow_forwardThe following information relates to a company’s accounts receivable: gross accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cash collections from customers, $1,450,000. Assuming the company estimates that future bad debts will equal 10% of the year-end balance in accounts receivable. 1. Calculate bad debt expense for the year.2. Calculate the year-end balance in the allowance for uncollectible accounts.arrow_forward
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