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In: Accounting

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 2 years ago
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