Discussion Week 5

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Discussion 1.

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For the Red Wing Corporation, determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2013 balance sheet.

Explain the correct classification of the item for each of the a – f questions.

The controller of the Red Wing Corporation is in the process of preparing the company’s 2013 financial statements. She is trying to determine the correct balance of cash and cash equivalents to be reported as a current asset in the balance sheet. The following items are being considered:

a.         Balances in the company’s accounts at the First National Bank; checking $13,500, savings $22,100.

b.         Undeposited customer checks of $5,200.

c.         Currency and coins on hand of $580.

d.         Savings account at the East Bay Bank with a balance of $400,000. This account is being used to accumulate cash for future plant expansion (in 2015).

e.         $20,000 in a checking account at the East Bay Bank. The balance in the account represents a 20% compensating balance for a $100,000 loan with the bank. Red Wing may not withdraw the funds until the loan is due in 2016.

f.          U.S. Treasury bills; 2-month maturity bills totaling $15,000, and 7-month bills totaling $20,000.

Required:

1.         Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2013 balance sheet.

2.         For each of the items not included in your answer to requirement 1, explain the correct classification of the item.

Discussion 2.

Looking forward to your suggestions for the application of internal controls to keep cash in the business.  What can technology do to help protect cash?

Discussion 3.

The common thread is that offering a discount (1) helps keep good customers and (2) accelerates cash inflows.  Any other reasons to offer a discount?

Discussion 4.

Assist the Tracy Company but computing discounts and developing journal entries to record the sales.  Please show all computations.

Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2013. The units have a list price of $600 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30.

Required:

1.         Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2013, assuming that the gross method of accounting for cash discounts is used.

2.         Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2013, assuming that the gross method of accounting for cash discounts is used.

3.         Repeat requirements 1 and 2 assuming that the net method of accounting for cash discounts is used.

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