Exercise 7-12 A new accountant at Leftwich Inc. is trying to identify which of t

Question

Exercise 7-12 A new accountant at Leftwich 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, 2014. 1. $91 of currency and coin in a locked box used for incidental cash transactions 2. A $18,110 U.S. Treasury bill, due May 31, 2014. 3. $431 of April-dated checks that Leftwich has received from customers but not yet deposited. 4. An $91 check received from a customer in payment of its April account, but postdated to May 1 5. $4,300 in the company's checking account. 6. $5,300 in its savings account. 7. $71 of prepaid postage in its postage meter. 8. A $36 IOU from the company receptionist. (a) What balance should Leftwich report as its "Cash and cash equivalents" balance at April 30, 2014? Cash and cash equivalents balance at April 30, 2014 LINK TO TEXT

Explanation / Answer

The balance that Leftwich report it as "Cash and Cash equivalents" are:

$91 + $18110 + $431 + $4300 + $5300 = $28232

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