What may be included under the heading of cash What may be included under the he

Question

What may be included under the heading of cash What may be included under the heading of cash Exeraises, ll Note: All asterisked Questions, QUESTIONS Approximate eral years. T none of whic receivable, an was determi accounts at t your client r receivable if ing for bad 14. What is the tion of acco the direct w +1. What may be included under the heading of "cash"? 2. In what accounts should the following items be made to Bern classified? (a) Coins and currency (b) U.S. Treasury (government) bonds. (c) Certificate of deposit (matures in 5 months). (d) Cash in a bank that is in receivership. (e) NSF check (returned with bank statement). (D Deposit in foreign bank (exchangeability limited). (g) Postdated checks. (h) Cash to be used for retirement of long-term bonds. (i) Deposits in transit (j) 100 shares of HP stock (intention is to sell in one 15. On January which it ha ing in ret $1,000,000 bard make frequently price of $6 16. What is "i essary to What are interest ra year or less). k) Savings and checking accounts. 1) Petty cash. (m) Stamps (n) Travel advances. x3. Define a "compensating balance." How should a com- pensating balance be reported? 4. Springsteen Inc. reported in a recent annual report Restricted cash for debt redemption." What section of the balance sheet would report this item? 17. What is t elect the nc 's. What are the reasons that a company gives trade dis- gains a counts? Why are trade discounts not recorded in the accounts like cash discounts? 18. Indicate 6. What are two methods of recording accounts receivable receivabl transactions when a cash discount situation is involved? Which is more theoretically correct? Which is used in practice more of the time? Why? 19. When ist the trans fer of rec 20. Moon H ables. T 7. Discuss the accounting for sales allowances and how they relate to the concept of variable consideration. 8. What are the honi

Explanation / Answer

1. item to be included in the heading of "cash" which satisfies both properties as follows :-

a) cash equivalent that is readily convertible into known cash value ,and

b) that item must have of 3 months or less maturity period,so that no loss in value of cash or in interest rates , for examples, bank checks, bank drafts , monry order, Money market funds (3 months or less period) etc.

5-7   CVP income statement

sales $2350000 variable expenses: Cost of goods sold 953000 selling expense 93000 Administrative expense 99000 Total variable expenses $1145000 Contribution margin $1205000 Fixed expenses: Cost of goods sold 444000 selling expense 62000 Administrative expense 129000 Total Fixed expenses: $635000    Net income $570000

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