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Compute the amount to be reported with the cash caption

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Reference no: EM13872517

Purpose: (L.O. 2) This exercise will require you to properly classify items qualifying as "cash" and to properly report a bank overdraft.

The Skogsberg Corporation had the following items at a balance sheet date:

Checking account at Sun Trust Bank

$ 12,400

Checking account at Bank of America

10,500

Checking account at First Union Bank

(3,000)

Checking account at Republic Bank

5,100

Postdated check from customer

600

Savings account at Sun Trust Bank

32,000

Money market fund at Sun Trust (with checking privileges)

40,000

Deposit at telephone company (required for service)

1,000

NSF check received from customer (reflected as a positive amount in

a bank balance above)

210

Change fund

450

Cash from customer not yet deposited in bank

1,750

Instructions:

(a) Compute the amount to be reported with the "Cash" caption in current assets at the balance sheet date.

(b) Indicate the proper reporting for items that are not included in your answer to part (a).

Reference no: EM13872517

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