Balance sheet treatment

Reporting Cash on the Balance Sheet Your audit of Watt Corporation discovers the following information: Reconciled balance in First National Bank checking account $ 3,525.80 Reconciled balance in City National Bank checking account (40.20) Balance in First Federal savings account 34,291.00 Certificate of deposit 30,000.00 Employee’s IOU 125.00 Employees’ travel advances 1,640.00 Cash on hand (undeposited sales receipts) 1,232.10 Prepaid debit card 600.00 Customer’s postdated check 290.40 Required:

1. What amount should be reported as cash on Watt’s balance sheet? (Place the necessary items in the same order as they are provided in the information.) Round your answer to nearest cent, if required. Watt’s Corporation Cash Balance Report $ Cash balance reported on balance sheet $

2. Describe the balance sheet treatment of the items not included in the cash balance.. Classification Reconciled balance in First National Bank checking account Reconciled balance in City National Bank checking account Balance in First Federal savings account Certificate of deposit Employee’s IOU Employees’ travel advances Cash on hand (undeposited sales receipts Prepaid debit card Customer’s postdated check

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