Reference no: EM131292066
A new accountant at Wyne 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. $60 of currency and coin in a locked box used for incidental cash transactions.
2. A $10,000 U.S. Treasury bill, due May 31, 2017.
3. $260 of April-dated checks that Wyne has received from customers but not yet deposited.
4. An $85 check received from a customer in payment of its April account, but postdated to May 1.
5. $2,500 in the company’s checking account.
6. $4,800 in its savings account.
7. $75 of prepaid postage in its postage meter.
8. A $25 IOU from the company receptionist.
(a) What balance should Wyne report as its “Cash and cash equivalents” balance at April 30, 2017?
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: A new accountant at Wyne 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. What balance should Wyne report as its “Cash..
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