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10 February, 17:03

Riverside Fertilizer Co. owns the following assets at the balance sheet date: Cash in the bank-savings account $ 8,000 Cash on hand 1,100 Cash refund due from the IRS 1,000 Checking account balance 12,000 Postdated checks 500 What amount should be reported as Cash in the balance sheet?

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  1. 10 February, 19:25
    0
    The correct answer is $21,100.

    Explanation:

    According to the scenario, computation of the given data are as follows:

    We can calculate the reported cash amount by using following formula:

    Reported cash amount = Cash in bank + Cash on hand + Checking Account balance

    Where, Cash in bank - savings account = $8,000

    Cash on hand = $1,100

    Checking Account balance = $12,000

    So, Reported cash amount = $8,000 + $1,100 + $12,000

    Reported cash amount = $21,100
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Home » Business » Riverside Fertilizer Co. owns the following assets at the balance sheet date: Cash in the bank-savings account $ 8,000 Cash on hand 1,100 Cash refund due from the IRS 1,000 Checking account balance 12,000 Postdated checks 500 What amount should be
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