Intermediate Accounting I

Cash and cash equivalents

Answer Key:

1. 18,500 + 500 = 19,000.

2. 15,000
3. 30,000 + 300 + 5,500 = 35,800.
4. 72,000 – 24,000 + 8,000 + 1,000 = 57,000.
5. 42,400 + 900 – 1,800 + 2,900 = 44,400.
6. 90,000 + 1,880 – 640 – 180 + 36 = 91,016.
7. (a) 1. Deposits in transit, $4,205 [$13,889 – ($11,784 – $2,100)]
2. Outstanding checks, $2,780 [$10,080 – ($11,100 – $3,800)]

(b) Adjusted cash balance at April 30, $29,420

($27,995 + $4,205 – $2,780) OR ($27,355 + $3,000 – $35 – $900)