Consider the following: Cash in Bank - checking account of $13,500, Cash on hand of $500, Post-dated checks received totaling $3,500, and Certificates of deposit totaling $124,000.How much should be reported as cash in the statement of financial position?

Question

Quizplus · Accepted Answer

Cash in the statement of financial position includes cash in bank and cash on hand. Post-dated checks and certificates of deposit are not considered cash. Therefore, the total cash is $13,500 (checking account) + $500 (cash on hand) = $14,000.

Consider the Following: Cash in Bank - Checking Account of $13,500