Funds in a bank account that can't be spent. This ratio helps determine how fast a company can pay its short-term debt. A bank issues a debit memorandum to notify a depositor of: Select the items below which must be adjusted to the book balance: book error On its statement of cash flows, Mercer should report net cash outflows from investing activities of: D.) U.S. Treasury bills. C. documentation procedures. See Answer Cash and cash equivalents refer to the value of a company's assets like short-term bonds, treasury bills, commercial papers, etc. B) IFRS. Cash management strategies include all of the following except _____. The company's balance sheet on September 30, reflects cash and cash equivalents of _____. D) Notes payable issued for a tract of land. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Cash equivalents should have maturities of three months or less. A) Source of cash used for plant expansion A company reports a debit balance in Cash Short and Over as a(n): A) paint C) U.S. GAAP. On a statement of cash flows prepared by the indirect method, Childers Corporation should report: B) An addition to net income of $500,000. The transferor of the receivable surrenders control over the assets transferred. The accountant has been unable to estimate the value of the patent but has determined that Horaces common stock was selling at $25 per share on June 1. During 2016, the fair value of those shares increased by $19 million. A company writes a check to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. D. Peecher would multiply sales revenue by the effective interest rate to determine interest revenue each period. Cash equivalents include each of the following except bank certificates of deposit. IFRS defines cash as cash on hand and demand deposits. D) Issuance of common stock Rebound Inc. reports under IFRS. College Grads Explain how South America's population patterns have been shaped by ethnic diversity, physical geography, migration, and urban growth. D. All of these answer choices are correct. ___ A code that protects private information. This B.) B.) C. The credit and collection policies. The purpose of assigning accounts receivable is to: Which of the following is considered a sale of receivables? An internal control system is used to do all of the following: Sarbanes-Oxley Act requires each of the following: 1. B. an NSF check. C) custom machinery Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. 59,500 SAT math scores for independent samples of students follow. B. Credit factored accounts receivable for $85,000. C. The future value of $50,000 using a 10% interest rate. Removal of the pledged receivables from current assets and including them with noncurrent investments. B. C. miscellaneous revenue. A) $151 million. C) An investing activity. $20,000. Most large thefts in a company come from payments of: All of the following statements regarding a voucher system are incorrect except _____. D. Current value less expected collection costs. $45 million (proceeds from sale of land and buildings) - $18 (cash paid to acquire equipment) - $40 million (cash paid to acquire office equipment). Cash equivalents do not include: Money market funds. D. documentation procedures, The use of remittance advices for mail receipts is an example of. B.) restricted cash. \text{Allocated expenses}\\ A. establishment of responsibility. Credit deferred interest expense for $25,000. Cash received from customers = $240,000 (sales revenue) + $5,000 (accounts receivable decrease). Each transferee has the right to pledge or exchange the assets it received. A company's investment in receivables is influenced by several variables, including: Cash equivalents are investments that can readily be converted into cash. Depreciation expense, $20 million. IFRS allows interest payments to be reported as either an operating activity or financing activity and interest received as either an operating activity or investing activity. What Are Cash and Cash Equivalents (CCE)? The following information is available for the Maribel Company for the month of June: The unadjusted balance of the company's Cash account was $26,620 at the end of June.The bank statement shows a balance on June 30 of $26,960.Outstanding checks totaled $4,000 at June 30.Deposit in transit totaled $3,000 on June 30.The bank statement included unrecorded interest earned in the amount of $150.Check #1221 (in payment of account payable) was written for $4,900, but recorded in the accounting records as $4,090. Corporate accounting rules also play a role in categorizing cash equivalents. Since the Painting department will bring new customers into the store, management expects sales in both the Clock and Mirror departments to increase by 8%. bank error They are used for meeting short-term expenses of investing. What Is a Liquid Asset, and What Are Some Examples? A. To effectively plan cash inflows and outflows b. customer The transfer was made without recourse. However, money market mutual funds are not federally insured. 4. signed by the depositor instructing the back to pay a specified amount of money to a designed recipient. On a bank reconciliation, collection of a note receivable by the bank is: When opened, the new Painting department will fill one-fifth of the space presently used by the Clock department and one-fourth used by the Mirror department. D. all of the answers listed. Current Ratio vs. Quick Ratio: What's the Difference? Discounted at an imputed interest rate. C) Maturity of at least 3 months. D. Advances to affiliated companies. C) Maturity of at least 3 months. In recording the check, the company should. M & =0.1 Y+50 The discounting is recorded as: The level of sales. The indirect method for the preparation of the operating activities section of the statement of cash flows : C) report net income and than adjust it for items necessary to determine net cash provided or used by operating actvity. B. D. bank service charges. &\underline{\hspace{2pt}\text{Income (Loss)}\hspace{2pt}}&\underline{\hspace{2pt}\text{Tax Rate}\hspace{2pt}}\\ A. automated system. The quick ratio is a calculation that measures a companys ability to meet its short-term obligations with its most liquid assets. Technology helps managers to monitor and control business activities and includes each of the following except: 1. employees justifying fraudulent behavior. 40. All of the following are procedures used in accounting for a petty cash fund EXCEPT: True each time monies are paid from petty cash, the custodian requests reimbursement. The journal entry that O'Hara would make to record this transaction would include a loss on troubled debt restructuring of: postage expense 140 Gain from the sale of land and buildings: $26 True He has been performing this duty for several years. O'Hara agrees to restructure the note under terms that yield a present value of $880,000. Cash and cash equivalents (CCE) are the most liquid current assets found on a business's balance sheet.Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount". Peecher accepted a three-year, noninterest-bearing note in exchange for merchandise sold. Accounts Receivable, 12/31/19: 125,000 C. Estimating annual sales returns. A. establishment of responsibility. Though risk for both is fairly low, cash equivalents may receive favorable yields. Cash and cash equivalents also generally earn different yields as there are different risks associated with each. A. A bank reconciliation contains all of the following items EXCEPT: In other words, there can be no restrictions on converting any of the securities listed as cash and cash equivalents. B. bank certificates of deposit. to safeguard its assets and to enhance the accuracy and reliability of its accounting records. Mild Max would debit: The Cash account is debited for $1,050, the amount collected. A. bookkeeper. The College Board provided comparisons of Scholastic Aptitude Test (SAT) scores based on the highest level of education attained by the test taker's parents. C. U.S. Treasury bills. e. money market funds. For simplicity, the total value of cash on hand includesitems with a similar nature to cash. B. B) Neither U.S. GAAP and IFRS. A bank makes credit entries into a depositor's account for all of the following EXCEPT: A. Opetty cash. However, oftentimes cash equivalents do not include equity or stock holdings because they can fluctuate in value. Treasury bills. Therefore, all cash equivalents must have a known market price and should not be subject to price fluctuations. A. an NSF check. D. Overdrafts typically are not shown as current liabilities on the balance sheet. D.) U.S. Treasury bills. A.) B. a bank service charge. A) $235,000. C. the money obtained from cashing a petty cash check is given to the custodian. D. credit Petty Cash for $3. Cash may not include: Foreign currency. In 2016 Rebound recognized an impairment of $200,000 due to a troubled debt restructuring. \text{2018}&30,000&20\\ B. segregation of duties. D. Bad debts expense is measured directly, and the allowance for uncollectible accounts balance is measured indirectly. Opetty cash. True Decrease in salaries payable, $1 million. C. Income tax refund receivable. C) $171 million. High School Grads, 485487442492534533580478650526479425554410486485550515528390572578524535\begin{array}{llll}485 & 487 & 442 & 492 \\ 534 & 533 & 580 & 478 \\ 650 & 526 & 479 & 425 \\ 554 & 410 & 486 & 485 \\ 550 & 515 & 528 & 390 \\ 572 & 578 & 524 & 535\end{array} equipment section of the balance sheet. E) Purchase of plant assets. Currency and coins on hand of $12,500 + Customer checks on hand (not yet deposited) of $37,000 + Investment in 3-month U.S. Treasury bills of $10,000 = Total cash and cash equivalents of $59,500. Internal control consists of all the related methods and measures adopted within an organization D. deduction from the balance per depositor's records. A. The entry to record the setup of this petty cash fund includes a debit to the Petty Cash account and a credit to the Cash account for $200. On a bank reconciliation, collection of a note receivable by the bank is, If a check written and paid by the bank for $638 is incorrectly recorded on the companys books at $683, the appropriate treatment on the bank reconciliation would be to, [In this situation, the companys Cash account has been understated due to the error. Restricted cash. \qquad\text{Utilities expense}&\text{\hspace{15pt}2,600}&\text{\hspace{10pt}1,400}&\text{\hspace{15pt}4,000}\\ B) allows companies to report cash outflows from interest payments as either operating or investing cash flows. C. Dishonored note expense. mail clerk The principles of internal control include all of the following except: A company may report prepaid assets as part of its current asset section. Companies must file financial statements with the Internal Revenue Service. A closely watched finding of this report is the Human Development Index (HDI), which measures the overall achievements in a country in three basic dimensions of human development: life expectancy, educational attainment, and adjusted income. f. How should the income tax expense section of the income statement for 2020 appear? D) Not reported. A firm does the following: a. Overdrafts typically cannot be offset against positive balance in other cash accounts on the balance sheet. treasurer. Examples of demand deposit accounts include checking accounts and savings accounts. C. $50,000. $70 (proceeds from issuance of common stock) + $90 (proceeds from issuance of mortgage bonds) - $30 (cash paid to retire bonds) - $50 (treasury stock purchased for cash) - $25 (cash dividends paid on common stock). Cash flow from operations is stable. Because cryptocurrencies are not legal tender and not backed by governments or legal entities, U.S. GAAP does not treat cryptocurrency as cash, foreign currency, or cash equivalents. Decreases in current operating assets are considered a cash inflow and added to net income under the indirect method. C) $240,000. $36,000. It will fit the new department into the current rented space by taking some square footage from the other two departments. C. Disclosure of the arrangement in notes to the financial statements. Collections from customers. C.) Money orders. C) was $23 million. C. Bad debts expense. B. an addition to the balance per bank statement. Cash Flow Statement: What It Is and Examples. Barkley had acquired the building in 2013 at a price of $150,000. The Sarbanes Oxley Act (SOX) internal control standards apply only to companies listed on the U.S. exchanges. B) Highly liquid. Restricted T-bills must be reported separately. Cash. B. Complete the legal prerequisites to record their sale. A. B. D) $39 million. The transferee has received substantially all the risks and rewards of ownership. False, Companies use a petty cash fund to pay relatively small amounts. D) $105 million. Rebound should make a prior period adjustment of 2016 income, given that the impairment charge was in error. ", Investopedia requires writers to use primary sources to support their work. 181718^{\prime} \times 17^{\prime} C.) Commercial paper. In the table above, the fifth column represents the value Apple assigned as cash and cash equivalents. B. B. However, both types of financial instruments are very similar and yield similarly low yields. Previous question Next question This problem has been solved! A. A party authorized to enter into legal relationships on behalf of another. A. Pledging receivables. their bank and cash fund accounts. B) Source of cash used for plant expansion 1. used by bank employees to verify signatures on checks C & =0.7 Y+100 \\ In addition to approximately $688 million of cash, cash equivalents and investment securities on its balance sheet, the Company also had approximately $1.4 billion of secured funding available . How do constituents requests help members of Congress perform their jobs? A. The adjusted cash balance per books at May 31 is. Cash paid to retire bonds: $30 Cash equivalents must also be able to be liquidated to cash; for this reason, cash equivalents often have active markets. B. C. Expected amount to be received. D. postdated checks, Having different individuals receive cash, record cash receipts, and hold the cash is an example Money market funds. D. Write-offs. Horace estimated that the building was worth$175,000 on May 1, 2017. D) Little risk of loss. False, There are two parties to a check: the maker and the payee. True cash 150 Debt instruments, whether issued by a government or corporation, is tied to the health of that entity with no guarantee the entity may survive the term of the cash equivalent. B) $55 million. The company's bank reconciliation at June 30 included interest earned in the amount of $150. petty cash US Treasury bills Question 5 1 pts Jukebox Company had checks outstanding totaling $5,400 on its June bank reconciliation. Cash equivalents include each of the following except money market funds. DepartmentIncomeStatements, ForYearEndedDecember31,2019ClockMirrorCombinedSales$130,000$55,000$185,000Costofgoodssold63,70034,10097,800Grossprofit66,30020,90087,200DirectexpensesSalessalaries20,0007,00027,000Advertising1,2005001,700Storesuppliesused9004001,300Depreciation-equipment1,5003001,800Totaldirectexpense23,6008,20031,800AllocatedexpensesRentexpense7,0203,78010,800Utilitiesexpense2,6001,4004,000Shareofofficedepartmentexpenses10,5004,50015,000Totalallocatedexpense20,1209,68029,800Totalexpense43,72017,88061,600Netincome$22,580$3,020$25,600\begin{array}{lc} The adjusted bank and book balance is: 25960 Which of the following is true with respect to the current period (all else equal)? Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. cash 193 If a receivable is continued, but with modified terms, a loss is typically recorded. The transferor is considered to have surrendered control over its receivables if: Establishment of responsibility B. Segregation of duties C. Independent internal verification D. All of these answer choices are correct. B. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one A) was $17 million. Cash equivalents are highly liquid investment securities that can be converted to cash easily and are found on a company's balance sheet. item would be included on the bank reconciliation as: the last six months of interest is foregone). Cash equivalents should be highly liquid and easily sold on the market. Cash and cash equivalents refers to the line item on thebalance sheet that reports the value of a company's assets that are cash or can be converted into cash immediately. Cash equivalents include each of the following except Select one: a. petty cash. Large companies often assign independent internal verification to the: How should Rebound treat this in its 2017 income statement? Which of the following is not a result of the Sarbanes-Oxley Act? Commercial papers held and due for repayment in 90 days c. Equity investments d. A bank overdraft. On September 25, 2021, Apple Inc. had reported $34.94 billion of cash and cash equivalents. owner's equity balance at the beginning of the month. The company allocates office department expenses to the operating departments in proportion to their sales. A company carries cash and cash equivalents to pay its short-term bills but to also preserve capital for long-term capital deployment. U.S. agency securities, certificate of deposit and time deposits, commercial paper, and corporate debt securities. D. voucher system. Cash cannot be combined with cash equivalents. Its departmental income statements follow. Gershwin would record this reduction by crediting accounts receivable and debiting: Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. An entity. A. Multiplying net credit sales by the bad debt experience ratio. Due to financial difficulties Carol Co. did not pay the prior year's interest. I & =30 \\ Journal entries are required by the depositor for all of the following except: Accounts Receivable, 1/1/19: $75,000 Marketable securities and money market holdings are equivalent to cash because they are highly liquid and do not have material deviations in value. GAAP requires interest payments and interest received to be reported as an operating activity. C. Cash overdrafts are not allowed. B. providing a double record of all bank transactions. A company should be able to sell or liquidate a cash equivalent immediately on demand without fear or material loss to the product. OU.S. A statement of cash flows and its related disclosure note typically do not report: Adjusted cash balance per books = Cash balance per books, May 31 ($3,500) + note and interest collected ($850) bank service charge ($20) NSF check ($170) = $4,160. Accounting for the pledging of accounts receivable as collateral for a loan requires: ForYearEndedDecember31,2019SalesCostofgoodssoldGrossprofitDirectexpensesSalessalariesAdvertisingStoresuppliesusedDepreciation-equipmentTotaldirectexpenseAllocatedexpensesRentexpenseUtilitiesexpenseShareofofficedepartmentexpensesTotalallocatedexpenseTotalexpenseNetincomeClock$130,00063,70066,30020,0001,2009001,50023,6007,0202,60010,50020,12043,720$22,580Mirror$55,00034,10020,9007,0005004003008,2003,7801,4004,5009,68017,880$3,020Combined$185,00097,80087,20027,0001,7001,3001,80031,80010,8004,00015,00029,80061,600$25,600. B. bank account balances). Assume a company has been maintaining a receivables factoring program for the past five years and has been experiencing the same level of sales, factoring, and bad debts over that period. Cash cannot be combined with cash equivalents. D. None of these answer choices are correct. How has deregulation helped consumers in some industries? A. What amount of cash did Ireland receive from Cloverdale Bank? C) An investing activity. B. Receivables are not remeasured; instead, fair values are obtained from reliable factors. At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of cash sales for the day. The records of Mary's Shoes included the following information: Rebound should recognize an increase in 2017 net income of $50,000, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. B. proceeds for a loan made to the company by the bank. A research hypothesis was that students whose parents had attained a higher level of education would on average score higher on the SAT. A. a credit to Cash. A. A. The credit balance in Cash Short and Over at the end of an accounting period is reported as: A) A deduction from net income in determining cash flows from operating activities. Question Transcribed Image Text: Current Attempt in Progress Cash equivalents include each of the following except money market funds. Making payments from a petty cash fund requires: C. an asset on the balance sheet. Typical cash flows from investing activities include each of the following except: A) Payment to acquire held-in maturity securities of other entities, except cash equivalents B) Proceeds from the sale of equipment C) Proceeds from collecting the principal amount of accounts receivable arising from customer sales D) Payment to buy intangible assets And outflows b. customer the transfer was made without recourse debited for $,. Due to a check: the level of education would on average higher... The transferee has received substantially all the related methods and measures adopted within an organization deduction. For all of the following except money market mutual funds are not federally.! 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And measures adopted within an organization d. deduction from the other two.. Jukebox company had checks outstanding totaling $ 5,400 on its June bank reconciliation as: the level of.... Not shown as current liabilities on the bank accounts balance is measured directly, and hold cash... Arrangement in Notes to the balance sheet 12/31/19: 125,000 c. Estimating annual sales returns common stock Rebound reports! Totaling $ 5,400 on its June bank reconciliation at June 30 included interest earned the... September 30, reflects cash and cash equivalents of _____ inflow and added to net income under indirect! Is used to do all of the following except: A. petty cash over assets. Role in categorizing cash equivalents do not include equity or stock holdings because They can fluctuate value... & 30,000 & 20\\ b. segregation of duties small amounts account for of! Asset, and corporate debt securities tract of land Text: current Attempt in cash... 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