W2 Individual Assignment

W2 Individual Assignment - Brandi Murobayashi July 25, 2011...

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Brandi Murobayashi July 25, 2011 ACC 422 Week 2 Individual Assignment Exercise 7-2 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180. Cash: $925,000 Certificate of deposit is an investment, cash advance is a receivable and the utility deposit is also a receivable. 2. Checking account balance $600,000; an overdraft in special checking account at same bank as normal checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300; coins and currency on hand $1,350. Cash: $584,650 Cash held in a bond sinking fund is restricted cash and would be reported on the noncurrent asset section of the balance sheet. 3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $100,000; certified check from customer $9,800; postage stamps on hand $620. Cash: $599,800 Postdated check is a receivable, cash restricted is a noncurrent asset, and postage stamps is a prepaid expense. 4.
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W2 Individual Assignment - Brandi Murobayashi July 25, 2011...

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