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E7-2 (Determine Cash Balance) Presented below are a number

Resolved Question:

E7-2 (Determine Cash Balance) Presented below are a number of independent situations.
Instructions
For each individual situation, determine the amount that should be reported as cash. If the item(s) is not
reported as cash, explain the rationale.
1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of
$980,000; utility deposit paid to gas company $180.
2. Checking account balance $600,000; an overdraft in special checking account at same bank as normal
checking account of $17,000; cash held in a bond sinking fund $200,000; petty cash fund $300;
coins and currency on hand $1,350.
3. Checking account balance $590,000; postdated check from customer $11,000; cash restricted due to
maintaining compensating balance requirement of $100,000; certified check from customer $9,800;
postage stamps on hand $620.
4. Checking account balance at bank $37,000; money market balance at mutual fund (has checking
privileges) $48,000; NSF check received from customer $800.
5. Checking account balance $700,000; cash restricted for future plant expansion $500,000; short-term
Treasury bills $180,000; cash advance received from customer $900 (not included in checking account
balance); cash advance of $7,000 to company executive, payable on demand; refundable deposit
of $26,000 paid to federal government to guarantee performance on construction contract.
E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800,000 and
an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable
from Ramirez Company of $6,000 will not be collected, and management authorized its write-off.
Instructions
(a) Prepare the journal entry for Aramis Company to write off the Ramirez receivable.
(b) What is the net realizable value of Aramis Company’s accounts receivable before the write-off of
the Ramirez receivable?
(c) What is the net realizable value of Aramis Company’s accounts receivable after the write-off of
the Ramirez receivable?
Submitted: 5 years ago.
Category: Homework
Expert:  Neo replied 5 years ago.
Good day!

Please download HERE.

For your future accounting questions, please feel free to address them to me by adding "For Neo" at the beginning of your post.

Thank you so much! :)
Customer: replied 5 years ago.
You answered the first question but missed E7-8
Expert:  Neo replied 5 years ago.
Sorry about that.

Please download HERE.

Thank you so much! :)
Customer: replied 5 years ago.
I think that I am still lost on 7-8 there should be three parts and I only see a and b were is c.
Expert:  Neo replied 5 years ago.
I am sorry I have uploaded the wrong file for 7-8. I will post it shortly.
Expert:  Neo replied 5 years ago.
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Satisfied Customers: 12063
Experience: BS Accounting
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