Trask Corporation's checkbook balance on December 31, 2011, was $8,000. In addition, Trask held the following items in its safe on December 31:

The proper amount to be shown as cash on Trask's balance sheet at December 31, 2011, is

Question

Trask Corporation's checkbook balance on December 31, 2011, was $8,000. In addition, Trask held the following items in its safe on December 31:

The proper amount to be shown as cash on Trask's balance sheet at December 31, 2011, is

Quizplus · Accepted Answer

To determine the proper amount of cash on Trask's balance sheet, we need to add up the checkbook balance and the cash on hand in the safe. The cash on hand in the safe includes the $500 petty cash fund, the $700 in cash receipts waiting to be deposited, and the $400 in currency and coins. Adding these amounts together, we get: 
$8,000 (checkbook balance) + $500 (petty cash fund) + $700 (cash receipts) + $400 (currency and coins) = $9,600. 
Therefore, the proper amount to be shown as cash on Trask's balance sheet at December 31, 2011, is $8,600.

Trask Corporation's Checkbook Balance on December 31, 2011, Was $8,000