Podcast
Questions and Answers
What is the correct amount of cash for Kwarta Company?
What is the correct amount of cash for Kwarta Company?
What is the adjusted checkbook balance for Kuton Company as of December 31, 2012?
What is the adjusted checkbook balance for Kuton Company as of December 31, 2012?
How much are the outstanding checks for Kwarta Company?
How much are the outstanding checks for Kwarta Company?
What is the total amount of cash in Far East bank for Kwarta Company?
What is the total amount of cash in Far East bank for Kwarta Company?
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What is the combined amount of customer's check on hand and traveler's check for Kwarta Company?
What is the combined amount of customer's check on hand and traveler's check for Kwarta Company?
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What is the correct balance of the company's cash account as of December 31, 2012?
What is the correct balance of the company's cash account as of December 31, 2012?
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What is the amount of cash shortage in Jennifer Incorporated's petty cash fund at the end of June 2012?
What is the amount of cash shortage in Jennifer Incorporated's petty cash fund at the end of June 2012?
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What is the correct balance of the petty cash fund at Canyon Company as of June 30, 2012?
What is the correct balance of the petty cash fund at Canyon Company as of June 30, 2012?
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What is the apparent cash shortage amount suspected to result from an employee's theft for the month of March?
What is the apparent cash shortage amount suspected to result from an employee's theft for the month of March?
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What is the correct balance of Perlas Corporation's cash account after reconciling the bank and book balances for December 2012?
What is the correct balance of Perlas Corporation's cash account after reconciling the bank and book balances for December 2012?
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Study Notes
Cash Balances and Reconciliations
- Kwarta Company's correct amount of cash is unknown.
- Kuton Company's adjusted checkbook balance as of December 31, 2012 is unknown.
- Kwarta Company has outstanding checks for an unknown amount.
- The total amount of cash in Far East bank for Kwarta Company is unknown.
- The combined amount of customer's check on hand and traveler's check for Kwarta Company is unknown.
- The correct balance of Kwarta Company's cash account as of December 31, 2012 is unknown.
- Jennifer Incorporated's petty cash fund has a cash shortage of an unknown amount at the end of June 2012.
- The correct balance of Canyon Company's petty cash fund as of June 30, 2012 is unknown.
- There is an apparent cash shortage of an unknown amount suspected to result from an employee's theft for the month of March.
- Perlas Corporation's correct cash account balance after reconciling the bank and book balances for December 2012 is unknown.
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Description
Test your understanding of cash and cash equivalents with this sample problem set. Practice calculating the total cash amount from different sources and clarifying the components of cash in the statement of financial position.
