P$7\mathrm{.}14$B $($LO $5)$ AP Sunil's Supplies has hired a new junior accountant and has given her the task of identifying what should be reported as cash as at February $29,$ the company's balance sheet date. The following information is available.

Cash on hand in the cash registers on February $29$ totals $$2,339.$ Of this amount, $$250$ is kept on hand as a cash float.

The balance in the petty cash fund is $$275.$ Actual petty cash on hand at February $29$ is $$69.$ Receipts total $$206.$

The balance in the bank chequing account at February $29$ is $$7,460.$

The company has two short$-$term investments: $(1)$ $$5,000$ in a $60-$day treasury bill, and $(2)$ $$3,000$ in a six$-$month term deposit.

The company has a stale$-$dated cheque for $$840$ from a customer for the purchase of merchandise. The customer made a mistake on the date of the cheque and the company's bank wouldn't let it deposit the cheque. The customer has promised to fix the cheque on March $2.$

The company has a U$.$S$.$ dollar bank account. At February $29,$ its U$.$S$.$ funds were worth the equivalent of $$8,555$ Canadian.

The company received $$10,500$ of cash on February $29$ as an advance deposit in trust on a property sale.

In order to hook up utilities, the company is required to deposit $$500$ in trust with Hydro One. This amount must remain on deposit until a satisfactory credit history has been established. The company expects to have this deposit back within the year.

Instructions

a$.$ Calculate the amount of cash and cash equivalents that should be reported on the year$-$end balance sheet as a current asset.

b$.$ Identify where any items that were not reported in the balance for cash in part $($a$)$ should be reported.

Taking It Further Under certain circumstances, cash may have to be presented as non$-$current. Why is this important information for users of the financial statements?