w History Bookmarks People Window Help WileyPLUS xQ Lab Prac

w History Bookmarks People Window Help WileyPLUS x(Q Lab Practical 4 (Ch. 8 &9)Fle Kaypoo × C edugen.wileyplus.com/edugen/itij/main.uni Return to Blackboard Intermediate Accounting, 16e Grace Perio CALCULATOR PRINTER VERSON BACK NEXT Your answer is incorrect. Try again The controller for Clint Metlock Co. is attempting to determine the amount of cash to be ASSIGNMENT RESOURCES reported on its December 31, 2017, balance sheet. The folliowing information is provided Problem 7-2 Problem 7-3 (Part Leve 1. 2. 3. 4. Commercial savings account of $631,100 and a commercial checking account balance of $816,800 are held at First National Bank of Yojimbo. Money market fund account held at Volonte Co. (a mutual fund organization) permits Metlock to write checks on this balance, $5,431,200 Travel advances of $190,300 for executive travel for the first quarter of next year (employee to reimburse through salary reduction). A separate cash fund in the amount of $1,501,200 is restricted for the retirement of long-term debt. Review Score Review Results by Study Obiective utline 5. Petty cash fund of $1,790. 6. An 1.o.U. from Marianne Koch, a company customer, in the amount of $154,700. 7. A bank overdraft of $117,500 has occurred at one of the banks the company uses to deposit its cash receipts. At the present time, the company has no deposits at this bank 8. The company has two certificates of deposit, each totaling $618,600. These CDs 9. Metlock has received a check that is dated January 12, 2018, in the amount of 10. Metlock has agreed to maintain a cash balance of $455,400 at all times at First 11. Metiock has purchased $2,021,400 of commercial paper of Sergio Leone Co. 12. (a) Compute the amount of cash and cash equivalents to be reported on Metlock Co.s have a maturity of 120 days $125,650. National Bank of Yojimbo to ensure future credit availabillity which is due in 60 days. Currency and coin on hand amounted to $8,165. MGMT balance sheet at December 31, 2017. The amount of Cash and Cash Equivalents reported on December 31, 2017 BI ess.mov Click if you would like to Show Work for this question: Seen Show Work ? BIOL 100, Lab 1.docx

Solution

Ans: The amount of cash and cash equivalentsto be reported on Metiock Co\'s balance shet at Dec31,2017:

1. Money Market fund account - $5431200

2. Seperate cash fund account - $1501200

3. Petty cash fund- $ 1790

4. Two certificates of deposits- $ 618600

5. Received cheque and not yet deposited- $ 125650

6. Agreed to maintain cash balance- $ 455400

7. Purchased commercial paper- $2021400

8. Currency and coin on hand- $ 8165

Total $1,01,63,405