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Wilson Company had the following cash balance items listed in its trial balance at 12/31/2021: Peterson Savings and Loan: $ 50,000 Right Bank: (5,000) Clinton County Trust Bank: 10,000 If Wilson reports under U.S. GAAP, its 12/31/2021 balance sheet would show what cash balance?

Respuesta :

Answer:

$55,000

Explanation:

Given that,

Trial balance at 12/31/2021:

Peterson Savings and Loan = $ 50,000

Right Bank = (5,000)

Clinton County Trust Bank = 10,000

Therefore,

The Cash Balance will be :

= Peterson Savings and Loan + Trust Bank - Right Bank

= $50,000 + $10,000 - $5,000

= $55,000

The Cash Balance would be $55,000.

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