Presentation of cash when a bank overdraft is present.
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Cash in bank of $10,000, restricted cash in a separate account of $3,000, and a bank overdraft in an account at another bank of $1,000 should report cash of:
A) $9,000
B) $10,000
C) $12,000
D) $13,000
Please explain the answer.
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Solution Summary
In two short paragraphs, the solution explains the classification of cash, restricted cash and overdrafts.
Solution Preview
The cash of $10,000 is a current asset which is available to retire current liabilities. Restricted cash is not. Restricted cash is ...
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