A new accountant at Magenta Company is trying to identify which of the following amounts should be reported as the current asset Cash in the year-end balance sheet, as at June 30, 2021:

1. Currency and coins totalling $76 in a locked box used for petty cash transactions.

2. A 60-day, $12,900 guaranteed investment certifi cate, due July 31, 2021.

3. June-dated cheques worth $375 that Magenta has received from customers but not yet deposited.

4. A $104 cheque received from a customer in payment of her June account, but postdated to July 1.

5. A balance of $2,360 in the Royal Bank chequing account.

6. A balance of $4,160 in the Royal Bank savings account.

7. Prepaid postage of $52 in the postage meter.

8. A $110 IOU from the company receptionist.

9. Cash register fl oats of $330.

10. Over-the-counter cash receipts for June 30 consisting of $540 of currency and coins, $90 of cheques from customers, $550 of debit card slips, and $740 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Ignore any related debit or credit card expenses.

Instructions

a. What amount should Magenta report as its cash and cash equivalents balance at June 30, 2021?

b. In which financial statement and in which account should the items not included as cash and cash equivalents be reported?