A new accountant at Splish Brothers Inc. is trying to identify which of the amounts shown...
A new accountant at Splish Brothers Inc. is trying to identify
which of the amounts shown below should be reported as the current
asset “Cash and cash equivalents” in the year-end balance sheet, as
of April 30, 2022.
| 1. | $64 of currency and coin in a locked box used for incidental cash transactions. | |
| 2. | A $10,800 U.S. Treasury bill, due May 31, 2022. | |
| 3. | $285 of April-dated checks that Splish Brothers has received from customers but not yet deposited. | |
| 4. | An $90 check received from a customer in payment of its April account, but postdated to May 1. | |
| 5. | $4,550 in the company’s checking account. | |
| 6. | $4,820 in its savings account. | |
| 7. | $64 of prepaid postage in its postage meter. | |
| 8. | A $34 IOU from the company receptionist. |
(a) What balance should Splish Brothers report as
its “Cash and cash equivalents” balance at April 30,
2022?
| Cash and cash equivalents balance at April 30, 2022 | $ |
Homework Answers
|
Cash and cash equivalents = 64 + 10,800 + 285 + 4550 + 4820 = 20,519 |
||
| Comment if you face any issues |
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