A new accountant at Coronado 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. $75 of currency and coin in a locked box used for incidental cash transactions. 2. A $12,800 U.S. Treasury bill, due May 31, 2022. 3. $210 of checks that Wyne has received from customers but not yet deposited. 4. An $93 check received
A new accountant at Coronado 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. $75 of currency and coin in a locked box used for incidental cash transactions. 2. A $12,800 U.S. Treasury bill, due May 31, 2022. 3. $210 of checks that Wyne has received from customers but not yet deposited. 4. An $93 check received
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.9MCE
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A new accountant at Coronado 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. | $75 of currency and coin in a locked box used for incidental cash transactions. | ||
| 2. | A $12,800 U.S. Treasury bill, due May 31, 2022. | ||
| 3. | $210 of checks that Wyne has received from customers but not yet deposited. | ||
| 4. | An $93 check received from a customer in payment of its April account, but postdated to May 1. | ||
| 5. | $2,700 in the company’s checking account. | ||
| 6. | $5,400 in its savings account. | ||
| 7. | $83 of prepaid postage in its postage meter. | ||
| 8. | A $38 IOU from the company receptionist. |
(a)
What balance should Coronado report as its “Cash and cash equivalents” balance at April 30, 2022?
| Cash and cash equivalents balance | $enter the cash and cash equivalents balance in dollars |
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