Question 1 Partially correct answer. Your answer is partially correct. Try again
ID: 2464245 • Letter: Q
Question
Question 1 Partially correct answer. Your answer is partially correct. Try again. Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash.
1. Checking account balance $934,240; certificate of deposit $1,413,100; cash advance to subsidiary of $980,230; utility deposit paid to gas company $199. Cash balance $Entry field with incorrect answer 1366721
2. Checking account balance $511,430; an overdraft in special checking account at same bank as normal checking account of $17,700; cash held in a bond sinking fund $204,070; petty cash fund $349; coins and currency on hand $1,510. Cash balance $Entry field with incorrect answer 645299
3. Checking account balance $625,670; postdated check from a customer $11,430; cash restricted due to maintaining compensating balance requirement of $113,620; certified check from customer $9,150; postage stamps on hand $709. Cash balance $Entry field with incorrect answer 635529
4. Checking account balance at bank $43,050; money market balance at mutual fund (has checking privileges) $51,280; NSF check received from customer $841. Cash balance $Entry field with correct answer 94330
5. Checking account balance $707,580; cash restricted for future plant expansion $503,230; short-term Treasury bills $191,600; cash advance received from customer $981 (not included in checking account balance); cash advance of $7,260 to company executive, payable on demand; refundable deposit of $30,000 paid to federal government to guarantee performance on construction contract. Cash balance $Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work
I only got # 4 correct (The rest are wrong )
Explanation / Answer
Answer
For each individual situation, determine the amount that should be reported as cash.
Answer 1.
Checking account balance $934,240; certificate of deposit $1,413,100; cash advance to subsidiary of $980,230; utility deposit paid to gas company $199. Cash balance $Entry field with incorrect answer 1366721
Amount to be Reported as cash balance = 934240 + 1413100 - 980230 - 199
= $ 1366911
Answer 2.
Checking account balance $511,430; an overdraft in special checking account at same bank as normal checking account of $17,700; cash held in a bond sinking fund $204,070; petty cash fund $349; coins and currency on hand $1,510. Cash balance $Entry field with incorrect answer 645299
Amount to be Reported as cash balance = 511430 - 17700 + 349 + 1510
= $ 495589
Note :
Answer 3.
Checking account balance $625,670; postdated check from a customer $11,430; cash restricted due to maintaining compensating balance requirement of $113,620; certified check from customer $9,150; postage stamps on hand $709. Cash balance $Entry field with incorrect answer 635529
Amount to be reported as cash balance = 625670 + 11430 + 9150
= $ 646250
Note :
Answer 5.
Checking account balance $707,580; cash restricted for future plant expansion $503,230; short-term Treasury bills $191,600; cash advance received from customer $981 (not included in checking account balance); cash advance of $7,260 to company executive, payable on demand; refundable deposit of $30,000 paid to federal government to guarantee performance on construction contract. Cash balance $Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work
Amount to be reported as cash balance = 707580 + 191600 + 981 - 7260 – 30000
= 862901
Notes :
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