leso, Intermediate Accounting, 16e I System Announcements Grace Period: 1 days l

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leso, Intermediate Accounting, 16e I System Announcements Grace Period: 1 days left l CALCULATOR PRINTER VERSION BACK NEXT Your answer is incorrect. Try again. The controller for Clint Metlock Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided 1. Commercial savings account of $631,100 and a commercial checking account balance of 2. Money market fund account held at Volonte Co. (a mutual fund organization) permits Metlock to 3. Travel advances of $190,300 for executive travel for the first quarter of next year (employee to 4. A separate cash fund in the amount of $1,501,200 is restricted for the retirement of long-term $816,800 are held at First National Bank of Yojimbo write checks on this balance, $5,431,200. reimburse through salary reduction). 5. 6. 7. debt. Petty cash fund of $1,790. An I.o.u. from Marianne Koch, a company customer, in the amount of $154,700. 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 have a maturity of 120 days. Metlock has received a check that is dated January 12, 2018, in the amount of $125,650. 9. 10. Metlock has agreed to maintain a cash balance of $455,400 at all times at First National Bank of 11. Metlock has purchased $2,021,400 of commercial paper of Sergio Leone Co. which is due 12. Currency and coin on hand amounted to $8,165. (a) Compute the amount of cash and cash equivalents to be reported on Metlock Co.'s balance sheet at Yojimbo to ensure future credit availability in 60 days. December 31, 2017. The amount of Cash and Cash Equivalents reported on December 31, 2017 Open Show Work Click if you would like to Show Work for this question:

Explanation / Answer

Commercial savings account - First National Bank of Yojimbo 631100 Commercial checking account - First National Bank of Yojimbo 816800 Money market fund—Volonte 5431200 Petty cash 1790 Commercial paper 2021400 Currency and coin on hand 8165 Cash and cash equivalents reported on December 31, 2017, balance sheet 8910455

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