User Account

All Pages

What is the correct amount of cash on december

Assignment Help Financial Accounting
Reference no: EM133009789

Sherwin Company reported the checkbook balance on December 31, 2015 at P8,000,000. In addition, the entity held the following items in the safe on that date: Check payable to Sherwin, dated January 2, 2016 in payment of a sale, not included in December 31 check book balance - 1,000,000; Check payable to Sherwin, deposited December 15 and included in December 31 checkbook balance, but returned by bank on December 30 stamped "NSF".

The check was redeposited on January 2, 2016 and cleared on January 5, 2016 - 3,000,000;

Check drawn on Sherwin's account, dated and recorded on December 31, 2015 but not mailed. until January 15, 2016 - 2,500,000;

Coins and currencies on hand - 800,000;

Three-month money market instruments - 1,500,000.

Problem 1: What is the correct amount of "cash" on December 31,2015?

a. 9,800,000
b. 9,300,000
c. 7,500,000
d. 8,300,000

Reference no: EM133009789

Questions Cloud

Which of statements in relation to bank reconciliation true : Which of statements in relation to bank reconciliation is true? The cash amount reported in the statement of financial position must be.
What is the correct cash in bank balance : What is the correct cash in bank balance? Carefree Company's newly hired assistant prepared the following bank reconciliation on March 31, 2012
What the corrected cash balance for charm carpet cleaning : What the corrected cash balance is? At the end of July, the balance in the general ledger checking account, was P2,750 and the bank balance on bank statemet.n
How a proof of cash : How A proof of cash ? Is a four-column bank reconciliation showing reconciliation of cash balances per book and per bank at the beginning
What is the correct amount of cash on december : What is the correct amount of "cash" on December 31,2015? Sherwin Company reported the checkbook balance on December 31, 2015 at P8,000,000.
Summary section of your implementation plan : Summary section of your implementation plan, prioritise the introduction of cloud computing to Hello Blooms by summarising your cloud-based solution
Describe key issues that principle five of the asx corporate : Describe the key issues that principle five of the ASX Corporate Governance Principles addresses with regards to information disclosure.
Determine which is the preferred option to optimize the gbp : Determine which is the preferred option to optimize the GBP (£) receivable. A UK-based firm is negotiating terms of a contract valued.
What the activity is about : What the activity is about - what does it involve? You may want to describe the activity briefly - Can be used in the activity

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prodive a detail of explanation of the accounting policies

ACCG224- Financial Accounting and Reporting- Macquarie University-Australia-Identify and provide a detailed explanation of the accounting policies and estimate.

  How does the new staffing pattern productivity compare

How does the new staffing pattern productivity compare with productivity in the original staffing plan on a unit cost ($ per patient day) basis?

  Calculate the amount of the firms income before tax

Depreciation of $374,225; cost of goods sold of $2,927,515; and interest expense of $120,996. calculate the amount of the firms income before tax?

  Prepare new contribution format income statement

Miller Company’s most recent contribution format income statement is shown below: Prepare a new contribution format income statement under each of the following conditions (consider each case independently):

  Would consider restatements of financial statements or not

Kraft Heinz was forced to restate, would you consider restatements of financial statements of this type to be a red flag to lenders and investors or not?

  What is the cost of goods sold for Julia and Company

The following information pertains to Julia & Company: March 1 Beginning inventory = 34 units @ $5.70. What is the cost of goods sold for Julia and Company

  Some transactions are reported in a different way in funds

some transactions are reported in a different way in funds versus government-wide statements but other is not.the state

  How the cost of decommissioning the oil rig should be

Explain how the cost of decommissioning the oil rig should be treated in the financial statements for the year ended 31 December Year 1

  What are the monthly lease payments

You are going to lease a new car. The sticker price for the car is $41,000. If you decide not to make a down payment, then what are the monthly lease payments

  Find What will be the present value of cash flow stream

If 7 percent is the discount rate, what is the present value of this stream of cash flows? If 14 percent is the discount rate, what is the present value

  What the organization is currently focused on

What the organization is currently focused on and what they are doing to address the issue you identified, and how the issue impacts financial reporting

  What is the amount of working capital they have available

Quality Health Care has cash of $450,000, accounts receivable of 1.45 million, inventory of $250,000 building and equipment of $1.5 million and long-term investments of 2.4 million. They have accounts payable of $950,000 and long-term debt of $3 mill..

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