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A new accountant at Sage Hill Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash
A new accountant at Sage Hill 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. | $58 of currency and coin in a locked box used for incidental cash transactions. | |
2. | A $10,500 U.S. Treasury bill, due May 31, 2022. | |
3. | $270 of April-dated checks that Sage Hill has received from customers but not yet deposited. | |
4. | An $84 check received from a customer in payment of its April account, but postdated to May 1. | |
5. | $2,560 in the companys checking account. | |
6. | $6,640 in its savings account. | |
7. | $58 of prepaid postage in its postage meter. | |
8. | A $28 IOU from the company receptionist. |
(a) What balance should Sage Hill report as its Cash and cash equivalents balance at April 30, 2022?
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