7-12 A new accountant at Teal Mountain Inc. is trying to identify which of the a

Question

7-12 A new accountant at Teal Mountain 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 S 90 of currency and coin in a locked box used for incidental cash transactions. 2. A $12,100 U.S. Treasury bill, due May 31, 2017 3. $350 of April-dated checks that Teal Mountain has received from customers but not yet deposited. 4. An $90 check received from a customer in payment of its April account, but postdated to May 1. 5. $3,030 in the company's checking account. 6. $5,710 in its savings account. 8. A $30 IOU from the company receptionist. (a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 20177 Cash and cash equivalents balance at April 30, 2017 Question Attempts: 0 of 5 used SAVE FOR LATER of ent/test/aglist.uni?id-asnmt1952871aN10019 27

Explanation / Answer

Currency 90 U.S. Treasury bill 12100 April checks 350 Checking account 3030 Savings account 5710 Cash and cash equivalents balance at April 30, 2017 21280

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