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Purpose: (L.O. 2) This exercise will require you to properly classify items qualifying as "cash" and to properly report a bank overdraft.
The Skogsberg Corporation had the following items at a balance sheet date:
Checking account at Sun Trust Bank
$ 12,400
Checking account at Bank of America
10,500
Checking account at First Union Bank
(3,000)
Checking account at Republic Bank
5,100
Postdated check from customer
600
Savings account at Sun Trust Bank
32,000
Money market fund at Sun Trust (with checking privileges)
40,000
Deposit at telephone company (required for service)
1,000
NSF check received from customer (reflected as a positive amount in
a bank balance above)
210
Change fund
450
Cash from customer not yet deposited in bank
1,750
Instructions:
(a) Compute the amount to be reported with the "Cash" caption in current assets at the balance sheet date.
(b) Indicate the proper reporting for items that are not included in your answer to part (a).
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