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1 year ago

Aruba Company had a checkbook balance on December 31,

Business

1 answer:

g100num [7]1 year ago

3 0

Answer:

$7,440,000
$5,500,000

Explanation:

1. Checkbook balance of $8,000,000 in December 2020.

Check payable to Aruba of $2,000,000 has not yet being deposited so it should be removed from cash balance

Check payable that was returned by the bank of $500,000 should not be included either because it did not clear.

Check drawn on Aruba account of $1,500,000 was recorded but not yet mailed so it should be added back.

Cash on hand - undeposited collections and Change fund are actual cash that should be added as well.

= 8,000,000 - 2,000,000 - 500,000 + 1,500,000 + 400,000 + 40,000

= $‭7,440,000‬

2. Cash equivalents are those instruments that can be easily converted to cash. They typically mature within 3 months.

The Cash equivalents here are Treasury bills and Money Market placements

= 2,500,000 + 3,000,000

= $5,500,000

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