Reporting Cash Jenkins Company has the following items at year-end. Currency and

Question

Reporting Cash

Jenkins Company has the following items at year-end.

Currency and coin in safe. $4,500

Funds in savings account (requires $2,500 compensating balance): 17,300

Funds in checking account 1,750

Traveler's checks 1,600

Postdated check 2,250

Not-sufficient-funds check 550

Money market fund 12,600

Required: Identify the amount of the above items that should be reported as cash and cash equivalents on Jenkins Company's balance sheet.

I am getting 37,500 but the software says this answer is wrong. Help, please!

Explanation / Answer

Solution :-

Particulars Amount ($) Currency and Coin in safe 4500 Funds in savings account ($17300 - $2500) 14800 Fund in checking account 1750 Traveler's Checks 1600 Money Market Fund 12600 Cash and Cash Equivalents 35250

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