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Category > Accounting Posted 21 Aug 2017 My Price 7.00

Watt Corporation

E7-2       Reporting Cash on the Balance Sheet  Your audit of the Watt Corporation discovers the following information:

1.      Reconciled balance in First National Bank checking account                          $ 2,360.75

2.      Reconciled balance in City National Bank checking  account                            (40.20)

3.      Balance in First Federal savings account                                                        28,750.00

4.      Certificate of deposit                                                                                       30,000.00

5.      Postage stamps                                                                                                      100.00

6.      Employee’s IOU                                                                                                  125.00

7.      Employees’ travel advances                                                                               1,640.00

8.      Cash on hand (undeposited sales receipts)                                                       3,609.40

9.      Traveler’s checks                                                                                                   600.00

10.   Customer’s postdated check                                                                                 290.40

 

Required

1.      What amount should be reported as cash on Watt’s balance sheet?

2.      Describe the balance sheet treatment of the items not included in the cash balance.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Aug 2017 03:08 PM My Price 7.00

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