Exercise 7-12 A pew accountant at Teal Mountain 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 baln shoet, as of 1. $68 of currency and coin in a locked box used for incidental cash transactions. 2. A$11,000 U.S. Treasury bill, due May 31, 2017. 3. $295 of April-dated checks that Teal Mountain has received from custormers but not yet deposited. 4. An $94 check received from a customer in payment of its April account, but postdated to May 1. 5. $4,260 in the company's checking account. 6. $6,040 in its savings account. 7. $68 of prepaid postage in its postage meter. 8. A $38 IOU from the company receptionist. (a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017? Cash and cash equivalents balance at April 30, 2017 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT
Exercise 7-12 A pew accountant at Teal Mountain 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 baln shoet, as of 1. $68 of currency and coin in a locked box used for incidental cash transactions. 2. A$11,000 U.S. Treasury bill, due May 31, 2017. 3. $295 of April-dated checks that Teal Mountain has received from custormers but not yet deposited. 4. An $94 check received from a customer in payment of its April account, but postdated to May 1. 5. $4,260 in the company's checking account. 6. $6,040 in its savings account. 7. $68 of prepaid postage in its postage meter. 8. A $38 IOU from the company receptionist. (a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017? Cash and cash equivalents balance at April 30, 2017 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT
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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Exercise 7-12
A new accountant at Teal Mountain 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 balane sthoet d
1. $68 of currency and coin in a locked box used for incidental cash transactions.
2. A$11,000 U.S. Treasury bill, due May 31, 2017.
3. $295 of April-dated checks that Teal Mountain has received from customers but not yet deposited.
4. An $94 check received from a customer in payment of its April account, but postdated to May 1.
5. $4,260 in the company's checking account.
6. $6,040 in its savings account.
7. $68 of prepaid postage in its postage meter.
8. A $38 IOU from the company receptionist.
(a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017?
Cash and cash equivalents balance at April 30, 2017
%24
Click if you would like to Show Work for this question:
Open Show Work
LINK TO TEXT
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Introduction
Cash & cash equivalent is part of asset which is reported as current asset under asset section of balance sheet, cash & cash equivalent include cash and assets which can be converted into cash with in a year or which can liquidate less than a year like, cash in bank, treasury bill and checks.
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