Computing the Cash Balance Listed below are ten items that may be found on a balance...

Computing the Cash Balance

Listed below are ten items that may be found on a balance sheet.

Required:

Indicate with Yes or No whether each of the items should be included in the cash balance presented on the balance sheet. If "Yes" is selected for the "Included in Cash Balance" column, Choose "Cash" as the choice in the "Classification Items Excluded" column, otherwise, indicate the Normal balance sheet treatment for those items Not included as cash.

Item	Included in Cash Balance	Classification Items Excluded

NSF checks
Savings account
Compensating balance
Postdated checks
IOUs
Cash on hand
Cash in sinking fund
Travel advance
Bank draft
Prepaid debit card

Solutions

Expert Solution

Answer :

Item	Included in Cash Balance	Classification Items Excluded
NSF checks	No	Accounts receivable
Savings account	Yes	Cash
Compensating balance	No	Other Current assets
Postdated checks	No	Accounts receivable
IOUs	No	Accounts receivable
Cash on hand	Yes	Cash
Cash in sinking fund	No	Long term Investment
Travel advance	No	Prepaid expense
Bank draft	Yes	Cash
Prepaid debit card	Yes	Cash

ekkarill92 answered 1 year ago

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