6. on december 31, a retailer received $3,200 in cash from its sales. however, the cash was deposited in its…

6. on december 31, a retailer received $3,200 in cash from its sales. however, the cash was deposited in its bank checking account on january 2. should the $3,200 be reported as cash on the retailers december 31 balance sheet? select... yes no 7. is it permissible for a corporations management to estimate some of the amounts reported on the corporations balance sheet?

6. on december 31, a retailer received $3,200 in cash from its sales. however, the cash was deposited in its bank checking account on january 2. should the $3,200 be reported as cash on the retailers december 31 balance sheet? select... yes no 7. is it permissible for a corporations management to estimate some of the amounts reported on the corporations balance sheet?

Answer

Brief Explanations:

Cash includes cash on - hand and cash equivalents. The retailer had physical cash of $3,200 on December 31, which is a form of cash. It doesn't matter that it was deposited later. So it should be reported as cash on the balance sheet.

Answer:

Yes