Solution-Find the cash balance to be shown on the statement

Find the cash balance to be shown on the statement

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Reference no: EM132640547

Question - The Cash account in the ledger of Pateros Company had a balance of 844,800 at December 31, 2010. An examination of the account, however, disclosed the following:

a. The sales book was left open up to January 5, 2011, and cash sales totaling 120,000 were considered as sales in December.

b. Checks of 74,400 in payment of liabilities were prepared before December 31, 2010, recorded in the books, but not mailed or delivered to payees.

c. Post-dated checks totaling 62,400 are being held by the Cashier as part of cash. The company's experience shows that post-dated checks are eventually realized.

d. Customer's check for 12,000 deposited with but returned by Bank, "NSF" on December 27, 2010.

e. The cash account included 320,000 earmarked for the purchase of personal computers which will soon be delivered.

Required - Find the cash balance to be shown on the statement of financial position at December 31, 2010?

Reference no: EM132640547

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Find the cash balance to be shown on the statement

Reference no: EM132640547

Reference no: EM132640547

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