User Account

All Pages

Compute what amount reported as cash and cash equivalents

Assignment Help Financial Accounting
Reference no: EM132719932

Teal Mountain Inc.owns the following assets at December 31, 2020:

Cash in bank savings account$48,900

Chequing account balance$30,000

Cash on hand15,000

Postdated cheque from Sandhill Co.460

Refund due (overpayment of income taxes)30,700

Cash in a foreign bank (CAD equivalent)90,000

Preferred shares acquired shortly before their fixed maturity date 15,300

Debt instrument with a maturity date of three months from the date acquired 11,500

Problem 1: IfTeal Mountain follows ASPE and follows a policy of including all possible items in cash and cash equivalent, what amount should be reported as cash and cash equivalents?

 

Reference no: EM132719932

Questions Cloud

Determine John and Maria qualified business income deduction : Determine John and Maria's qualified business income deduction, if any, for 2020. Make sure to show your calculations
What are the trade offs between security and privacy : Write a 6-8 page paper (deliverable length does not include the title and reference pages) What are the trade offs between security and privacy?
Prepare the entries that are necessary to record independent : Prepare the entries that are necessary to record independent transactions. Crane Company designated Alexa Kidd as petty cash custodian
Explain the components of the social engineering attack : Absolutely, there was no external malefactor; then, which component of the social engineering attack (SEA) is involved in Chief Executive Officer & Disgruntled.
Compute what amount reported as cash and cash equivalents : Debt instrument with a maturity date of three months from the date acquired 11,500. what amount should be reported as cash and cash equivalents?
Compute and interpret cost and sales variances : Compute and interpret cost & sales variances for a range of complex situations and Measure organisational & divisional performance using a range of financial
Determine how was the breach launched : What is one significant data breach through the cloud that has occurred in the field you are interested in? How was this breach launched, what was lost.
Define key concepts and principles of operational excellence : Identify and discuss at least two trends or best practices related to key concepts and principles of operational excellence in any field of human endeavor.
How would you apply it in your class or school work : What is useful for, how would you apply it in your class or school work, or future/ current job about User-Defined Functions, User-Defined Simple Data Types.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Construction contract to build a bridge for price

On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2016, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billing..

  Corporations alike with respect to the fiscal year election

Ann is the sole shareholder of Salmon Corporation, a newly formed C corporation. Fran is the sole shareholder of Scarlet Corporation, a newly formed C corporation that is a personal service corporation. Both Ann and Fran plan to have their corporatio..

  Distinguish between a line of credit and a letter of credit

Distinguish between a line of credit and a letter of credit. Why do companies like the Estee Lauder Companies Inc. obtain lines of credit?

  What is its coefficient of variation

The Covariance of the returns between Willow Stock and Sky Diamond Stock is 0.0940. the Variance of Willow is .1310, and the variance of Sky Diamond is .1240. What is the correlation coefficient between the returns of the two stocks? A stock has an e..

  What is the amount of depletion expense recorded

In 2013 a mining company paid $150,000 for mining rights. It is estimated that a total of 200,000 tons of ore are available to be extracted. During 2013, 18,000 tons of ore were mined. What is the amount of Depletion Expense recorded in the adjusting..

  Illustrate what is kirk allowable casualty loss deduction

Kirk was insured for 70% of his actual loss, and he received the insurance settlement. Illustrate what is Kirk's allowable casualty loss deduction?

  Afford to spend on the variable cost per unit

After substantial marketing research, toyaun corporation management beleives it can make and sell a new battery with a prolonged life for a laptop computer. Managemet expects the demand to be 50,000 units a year if the batteries are priced at $80 per..

  What is the appropriate risk-adjusted discount rate

If the firm's WACC for average risk projects is 10%, what is the appropriate risk-adjusted discount rate for each project

  Determine the taxpayers current-year economic income

Determine the taxpayer's current-year (1) economic income and (2) gross income for tax purposes from the following events.

  Total cost of potential job using traditional overhead

Assume that kent Manufacturing has two categories of overhead: material handeling and quality inspection. Compute the total cost of the potential job using traditional overhead application. Refer to the above information; compute the total cost of th..

  Do include the unguaranteed residual value

Do you include the "unguaranteed" residual value when you arrive at PV of minimum lease payment or like the Lessee do we only use guaranteed??

  Overhead allocation plant wide rate direct labor hours

overhead allocation plant wide rate direct labor hours machine hour basis.two companies that have been competitors for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd