Solution-What total amount should be reported as cash at

What total amount should be reported as cash at year-end

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Q1. Tranvia Company revealed the following information on December 31, 2020:

Cash in checking account 350,000

Cash in money market account (debt instruments) 750,000

Treasury bill, purchased last November 1, 2020 maturing on January 31, 2021 3,500,000

Time deposit purchased last December 1, 2020 maturing on March 31, 2021 4,000,000

What amount should be reported as cash and cash equivalents on December 31, 2020?

A. 1,100,000

B. 3,850,000

C. 4,600,000

D. 8,600,000

Q2. Affable Company provided the following information at year-end comprising the cash account:

Cash in bank - demand deposit 5,000,000

Cash on hand 400,000

Postage stamps unused 5,000

Certificate of time deposit 1,500,000

Money order 50,000

Manager check 100,000

Traveler check 1,000,000

Postdated customer check 500,000

What total amount should be reported as cash at year-end?

A. 8,050,000

B. 7,050,000

C. 6,550,000

D. 6,450,000

Reference no: EM132634911

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What total amount should be reported as cash at year-end

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