A new accountant at Sage Hill Inc. is trying to identify which of the amounts sh

Question

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, 2017. 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, 2017 3. $270 of April-dated checks that Sage Hill has received from customers but not yet deposited. 4. An $84 check recelved from a customer in payment of its April account, but postdated to May 1 5. $2,560 in the company's checking account. 6. $6,640 in its savings account. tudy | 7· $58 of prepaid postage in its postage meter. 8. A $28 1OU from the company receptionist. (a) What balance should Sage Hill report as its "Cash and cash equivalents" balance at April 30, 2017? Cash and cash equivalents balance at April 30, 2017

Explanation / Answer

Cash and cash equivalents:

Petty cash $58

Treasury bill $10500

Deposits in transist $270

Checking account $2560

Saings account $6640

Total cash and cash equivalents $20028.

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