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What amount should be reported as cash on Watt balance sheet

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Reference no: EM132882073

Problem - Reporting Cash on the Balance Sheet - Your audit of Watt Corporation discovers the following information:

Reconciled balance in First National Bank checking account $ 3,525.80

Reconciled balance in City National Bank checking account (40.20)

Balance in First Federal savings account 34,291.00

Certificate of deposit 30,000.00

Employee's IOU 125.00

Employees' travel advances 1,640.00

Cash on hand (undeposited sales receipts) 1,232.10

Prepaid debit card 600.00

Customer's postdated check 290.40

Required -

1. What amount should be reported as cash on Watt's balance sheet?

2. Describe the balance sheet treatment of the items not included in the cash balance.

Reference no: EM132882073

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