13 Feb Refer to the Amazon.com, Inc., consolidated financ
Refer to the Amazon.com, Inc., consolidated financial statements in Appendix A at the end of this book. The cash and cash equivalents section of the Consolidated Balance Sheet shows a balance of $3,777 as of December 31, 2010, and is made up of many different bank accounts, as well as time deposits, certificates of deposit, and perhaps government securities that are equivalent to cash. Suppose Amazon.com’s year-end bank statement for the operating bank account, dated December 31, 2010, has just arrived at company headquarters. Further assume the bank statement shows Amazon.com’s cash balance at $324 million and that Amazon.com, Inc.’s operating bank account has a balance of $316 million on the books (since this is only one of many bank accounts, it will not be possible to match it to the $3,777 that is shown.) 1. You must determine the correct balance for cash in the operating bank account on December 31, 2010. Suppose you uncover the following reconciling items (all amounts are assumed and are stated in millions): a. Interest earned on bank balance, $1 b. Outstanding checks, $8 c. Bank collections of various items, $2 d. Deposits in transit, $3 Prepare a bank reconciliation to show how Amazon.com, Inc., arrived at the correct amount of cash in the operating bank account at December 31, 2010. Journal entries are not required. 2. Study Amazon.com, Inc.’s Management’s Report on Internal Control over Financial Reporting in Item 9A of its annual report, paragraph 2. Indica
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