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Practice Q 5 A new accountant at Sheridan Inc. is trying to identify which of the amounts shown below should be reported as the current
Practice Q 5
A new accountant at Sheridan 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, 2020.
1. | $62 of currency and coin in a locked box used for incidental cash transactions. | ||
---|---|---|---|
2. | A $12,100 U.S. Treasury bill, due May 31, 2020. | ||
3. | $220 of April-dated checks that Wyne has received from customers but not yet deposited. | ||
4. | An $89 check received from a customer in payment of its April account, but postdated to May 1. | ||
5. | $2,900 in the companys checking account. | ||
6. | $5,200 in its savings account. | ||
7. | $88 of prepaid postage in its postage meter. | ||
8. | A $44 IOU from the company receptionist. |
(a) What balance should Sheridan report as its Cash and cash equivalents balance at April 30, 2020?
Cash and cash equivalents balance | $Enter the cash and cash equivalents balance in dollars |
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