Lawson Corporation's checkbook balance on December 31,2014,was $8,000.In addition,Lawson held the following items in its safe on December 31:

The proper amount to be shown as cash on Lawson's balance sheet at December 31,2014,is

Question

Lawson Corporation's checkbook balance on December 31,2014,was $8,000.In addition,Lawson held the following items in its safe on December 31:

The proper amount to be shown as cash on Lawson's balance sheet at December 31,2014,is

Quizplus · Accepted Answer

To determine the proper amount of cash on the balance sheet, we need to add the checkbook balance to the amount in the safe. So, $8,000 + $600 (currency) + $1,000 (petty cash) = $8,600. Therefore, the correct answer is choice C. Option A is incorrect because it only includes the checkbook balance. Option B is incorrect because it does not include the currency and petty cash in the safe. Option D is incorrect because it goes beyond the information given in the question.

Lawson Corporation's Checkbook Balance on December 31,2014,was $8,000