Reporting Cash Jenkins Company has the following items at year-end. Currency and
ID: 2566331 • Letter: R
Question
Reporting Cash
Jenkins Company has the following items at year-end.
Currency and coin in safe. $4,500
Funds in savings account (requires $2,500 compensating balance): 17,300
Funds in checking account 1,750
Traveler's checks 1,600
Postdated check 2,250
Not-sufficient-funds check 550
Money market fund 12,600
Required: Identify the amount of the above items that should be reported as cash and cash equivalents on Jenkins Company's balance sheet.
I am getting 37,500 but the software says this answer is wrong. Help, please!
Explanation / Answer
Solution :-
Particulars Amount ($) Currency and Coin in safe 4500 Funds in savings account ($17300 - $2500) 14800 Fund in checking account 1750 Traveler's Checks 1600 Money Market Fund 12600 Cash and Cash Equivalents 35250