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A new accountant at Metlock, Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash and
A new accountant at Metlock, 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, 2017.
1. | $56 of currency and coin in a locked box used for incidental cash transactions. | |
2. | A $10,400 U.S. Treasury bill, due May 31, 2017. | |
3. | $265 of April-dated checks that Metlock has received from customers but not yet deposited. | |
4. | An $82 check received from a customer in payment of its April account, but postdated to May 1. | |
5. | $4,850 in the companys checking account. | |
6. | $5,590 in its savings account. | |
7. | $56 of prepaid postage in its postage meter. | |
8. | A $26 IOU from the company receptionist. |
(a) What balance should Metlock report as its Cash and cash equivalents balance at April 30, 2017?
Cash and cash equivalents balance at April 30, 2017 |
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