Wilson Company had the following cash balance items listed in its trial balance at 12/31/2021:

 Wilson Company had the following cash balance items listed in its trial balance at 12/31/2021:

 Peterson Savings and Loan:    $    63,000    
Right Bank:                               (11,500    )
Clinton County Trust Bank:         23,000    

If Wilson reports under U.S. GAAP, its 12/31/2021 balance sheet would show what cash balance?

Multiple Choice

($11,500).


$86,000.


None these answer choices are correct.


$74,500.
Answer

$86,000.

Explanation
$63,000 + $23,000 = $86,000. The ($11,500) overdraft would be reported as a current liability.

Thanks