Solution-Find what total amount should be reported as cash

Find what total amount should be reported as cash

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Reference no: EM132674860

On December 31, 20x1, West Company had the following cash balances:

Cash in banks ?1,800,000

Petty cash funds (all funds were reimbursed on 12/31/x1) 50,000

Problem 1: Cash in banks includes ?600,000 of compensating balances against short-term borrowing arrangements at December 31, 20x1. The compensating balances are not legally restricted as to withdrawal by West. In the current assets section of West's December 31, 20x1, balance sheet (statement of financial position), what total amount should be reported as cash?

Reference no: EM132674860

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Find what total amount should be reported as cash

Reference no: EM132674860

Reference no: EM132674860

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