Assignment ID: FG133136956
Question – Suga Corp. had a checkbook balance on December 31, 2021 of 10,000,000 and held the following items in the safe:
Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance: 3,000,000
Check payable to Suga, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022: 1,000,000
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Check drawn on Suga’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022: 1,500,000
Cash on hand – undeposited collections: 500,000
Change fund: 10,000
Time deposit for plant expansion: 1,000,000
Treasury bill: 2,500,000
Money market placement: 3,000,000
Postage stamps: 5,000
Required – What is the total amount should be reported as cash on December 31, 2021?