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01-10-2019
Business

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Lawrence Company has cash in bank of $22,000, restricted cash in a separate account of $4,000, and a bank overdraft in an account at another bank of $2,000. Lawrence should report cash of:a. $20,000.b. $22,000.c. $25,000.d. $26,000.

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welshmartin65 welshmartin65

01-10-2019

Answer:

$22,000

Explanation:

It is worth noting that for accounting purposes, restricted cash is one that is not readily available. Such inaccessible funds, therefore, cannot be reported in financial statements. A bank overdraft, on the other hand, is a liability. Lawrence should therefore report cash worth $ 22,000 only.

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