The following information pertains to Grey Company at December 31, 2017: Petty C

Question

The following information pertains to Grey Company at December 31, 2017:

            Petty Cash fund and change fund                                 $4,200.00

            Coin and currency                                                            500.00

            Checking account #101                                               7,300.00

            Savings account #102                                                  1,800.00

            Cash held as compensating balance against a loan        1,150.00

On Grey’s December 31, 2017, balance sheet, what amount should be reported as cash?

Explanation / Answer

Under cash and cash equivalents:

1.Petty cash fund and Change fund-$4200

2.Coin and Currency $500

3.Checking Account $7300

4.Saving Account $1800

Total $13800

Cash Held as Compensating balance aganist loan is to be shown as seperate as manadate by Accounting standard

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