Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Controller for Clint Eastwood Co. is attempting to find out amount of cash to be reported on its December 31, 2007, balance sheet. Following information is provided.

 

1. Commercial savings account of $600.000 and commercial checking account balance of $900,000 are held at First National Bank of Yojimbo.
2. Money market fund account held at Volonte Co. (mutual fund organization) allows Eastwood to prepare checks on this balance, $5,000,000.
3. Travel advances of $180,000 for executive travel for first quarter of next year (employee to reimburse through salary reduction).
4. Separate cash fund in amount of $1,500,000 is restricted for the retirement of long-term debt.
5. Petty cash fund of $1,000.
6. I.O.U. from Marianne Koch, company customer, in amount of $190,000.
7. Bank overdraft of $110,000 has occurred at one of banks company uses to deposit its cash receipts. At present time, company has no deposits at this bank.
8. Company has two certificates of deposit, each totaling $500,000. These CDs have a maturity of 120 days.
9. Eastwood has got a check which is dated January 12, 2008, in amount of $125,000.
10. Eastwood has agreed to sustain a cash balance of $500,000 at all times at First national Bank of Yojimbo to make sure future credit availability.
11. Eastwood has bought $2,100,000 of commercial paper of Sergio Leone Co. which is due in 60 days.
12. Currency and coin on hand amounted to $7,700.

 

problems:

 

a) find out amount of cash to be reported on Eastwood Co.'s balance sheet at December 31, 2007.

 

b) Indicate proper reporting for items which are not reported as cash on the December 31, 2007, balance sheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920008

Have any Question? 


Related Questions in Accounting Basics

Accounting assignmentplease include all calculationswork

Accounting Assignment Please include all calculations/work necessary. Please show references and in-text citing where needed. Please answer all questions in full. No plagiarism. For the eActivity, research one publicly t ...

Accounting questionwhat are the advantages to the

Accounting Question: What are the advantages to the shareholders in a target entity that is acquired via taxable stock acquisition vs. a taxable acquisition of net assets? What are the advantages to the acquiring entity? ...

Problem -the stay healthy medical clinics balance sheet on

Problem - The Stay Healthy Medical Clinic's Balance sheet on December 31, 2014 showed an owner's equity of $1,280,000. The December 31, 2015 balance sheet showed an owner's equity of $1,520,000. During the year, the owne ...

Cost accounting systemsconsider the places of employment of

Cost Accounting Systems Consider the places of employment of the team members or businesses with which the team is familiar and the industries in which they operate. Create a 12-slide presentation, including detailed spe ...

Accounting discussiona local movie theater owner explains

Accounting Discussion A local movie theater owner explains to you that ticket sales on weekends and evenings are strong, but attendance during the weekdays, Monday through Thursday, is poor. The owner proposes to offer a ...

Consider that a company has excess cash flow google is a

Consider that a company has excess cash flow. Google is a good one to look at. Google invests in short term securities to earn something on the cash. What is another way the cash could be used to create wealth for the in ...

In a recent city meeting it was agreed that the city was

In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building. The major ...

Fifteen years ago dan bought a home and financed 150000

Fifteen years ago Dan bought a home and financed $150,000 with a 30-years mortgage at 8.2%. (a) find his monthly payment, the total amount of his payments, and the total amount of interest he will pay over the life of th ...

Cvp analysis in service companies please respond to one of

"CVP Analysis in Service Companies" Please respond to one of the following: Option 1 Imagine that you are the cost accounting manager and the director of your present or past organization. Management wants your opinion o ...

Preston auto paint company had the temporary free use of an

Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2010: Sept. 1 The company was organized and received USD 100,000 cash from the issuance of ca ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen