Solution-What balance should Kingbird report

What balance should Kingbird report

Reference no: EM132486190

Question - A new accountant at Kingbird, 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. $50 of currency and coin in a locked box used for incidental cash transactions.

2. A $10,100 U.S. Treasury bill, due May 31, 2022.

3. $250 of April-dated checks that Kingbird has received from customers but not yet deposited.

4. An $76 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. $4,500 in its savings account.

7. $50 of prepaid postage in its postage meter.

8. A $20 IOU from the company receptionist.

Required - What balance should Kingbird report as its "Cash and cash equivalents" balance at April 30, 2022?

Reference no: EM132486190

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What balance should Kingbird report

Reference no: EM132486190

Reference no: EM132486190

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