Burr company had the following account balances at December 31, Year 1: cash in Banks:...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Burr company had the following account balances at December 31, Year 1:
cash in Banks: $2,250,000
cash on hand: $ 125,000
cash legally restricted for additions to plance
(expected to be disbursed in Year 2) : 1,600,000
Cash in banks includes $600,00 of compensating balances relatd to short term borrowing arrangements. The compensating balances are not legally resricted as withdrawal by Burr. In the current assets section of Burr's December 31, Year 1, balance sheet, total cash should be reported at:
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
