Donovan Company had the following cash balances at December 31 . 2014: Cash in banks ........................................ $375,000 Petty cash funds (all funds were reimbursed on December 31 . 2014) ................................. 5,000 Cash in banks includes $125,000 of compensating balances against short-term borrowing arrangements at December 31 . 2014 . The compensating balances are
legally restricted as to withdrawal by Donovan. In the current asset section of Donovan's December 31 . 2014, balance sheet, what total amount should be reported as Cash?
a. $380,000
b. $375,000
c. $255,000
d. $250,000
C
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Sigua Sugar, Inc. in Florida has six processing departments for refining sugar—Affination, Carbonation, Decolorization, Boiling, Recovery, and Packaging. Conversion costs are added evenly throughout each process. Data from the month of August for the Decolorization Department are as follows:
The ending Work-in-Process Inventory is 100% and 70% complete with respect to direct materials and conversion costs, respectively. Compute the equivalent units of production (EUP) for direct materials and for conversion costs for the month of August. The weighted-average method is used.
A) 10,700 EUP for direct materials and 3500 EUP for conversion costs
B) 12,200 EUP for direct materials and 10,700 EUP for conversion costs
C) 3500 EUP for direct materials and 10,700 EUP for conversion costs
D) 12,200 EUP for direct materials and 3500 EUP for conversion costs
In Step 2 of the breakeven analysis, plot the ______ on the vertical axis and the ______ on the horizontal axis.
A. fixed costs; variable costs B. total costs; annual production volume C. annual production volume; variable costs D. variable costs; fixed costs
The factor rating method has ______ steps.
A. five B. seven C. six D. eight
The ________ system of accounting records revenues when they are earned and records expenses when they are incurred
a. cash b. accrual c. single–entry d. double–entry