Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 6.00

Ortiz Company

Composition of Cash

Ortiz Company had the following cash balances at December 31, 2013:

Undeposited coin and currency $ 29,500
Unrestricted demand deposits 1,375,000
Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until January 2 265,000
Time deposits restricted for use (expected use in 2014) 2,500,000

In exchange for a guaranteed line of credit, Ortiz has agreed to maintain a minimum balance of $225,000 in its unrestricted demand deposits account.

How much should Ortiz report as Cash in its December 31, 2013, balance sheet?
$

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 07:08 PM My Price 6.00

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