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The cash in bank is subject to a compensating balance of $5,000.
The highly liquid investments had maturities of 3 months or less
when they were purchased. The stock investments will be sold in
the next 6 to 12 months. The plant expansion project will begin in
3 years.
What amount should Nayak report as ―Cash and cash
equivalents‖ on its balance sheet? ............
P7-3A: On May 31, 2014, Terrell Company had a cash balance
per books of $6,781.50. The bank statement from Home To wn
State Bank on that date showed a balance of $6,804.60. A
comparison of the statement with the cash account revealed the
following facts. ............
a)
Prepare the bank reconciliation at May 31, 2014. ............
b)
Prepare the necessary adjusting entries for Terrell
Company at May 31, 2014............
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ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)
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ACC 557 Week 5, Chapter 8 (E8-3, E8-5, E8-14, P8-7A)
E8-3: The ledger of Elburn Company at the end of the current
year shows Accounts Receivable $110,000, Sales Revenue
$840,000, and Sales Returns and Allowances $28,000. ............