Kraft Enterprises owns the following assets at December 31, 2010.?
Kraft Enterprises owns the following assets at December 31, 2010.
Cash in bank–savings account 63,879 Checking account balance 26,399
Cash on hand 9,470 Postdated checks 921
Cash refund due from IRS 36,739 Certificates of deposit (180-day) 94,454
What amount should be reported as cash?
Post dated check would not be considered cash yet
Refund due from IRS has not been received and is not a cash item yet
The rest are considered as cash items