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23 February, 13:48

A new accountant at Windsor, Inc. is trying to identify which of the following amounts should be reported as the current asset "Cash and cash equivalents" in the year-end balance sheet, as of April 30, 2017. 1. $70 of currency and coin in a locked box used for incidental cash transactions. 2. A $11,100 U. S. Treasury bill, due May 31, 2017. 3. $300 of April-dated checks that Windsor has received from customers but not yet deposited. 4. An $96 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,730 in the company's checking account. 6. $5,210 in its savings account. 7. $70 of prepaid postage in its postage meter. 8. A $40 IOU from the company receptionist. (a) What balance should Windsor report as its "Cash and cash equivalents" balance at April 30, 2017?

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  1. 23 February, 14:03
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    The balance should Windsor report as its "Cash and cash equivalents" balance at April 30, 2017 is $19,410

    Explanation:

    The computation of the "Cash and cash equivalents" balance at April 30, 2017 is shown below:

    = Currency amount + U. S treasury bill + check received in April month + checking account + saving account

    = $70 + $11,100 + $300 + $2,730 + $5,210

    = $19,410

    The other given transactions would not be included because there is no outflow and inflow of cash for the April month. Hence, ignored it
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Home » Business » A new accountant at Windsor, Inc. is trying to identify which of the following amounts should be reported as the current asset "Cash and cash equivalents" in the year-end balance sheet, as of April 30, 2017. 1.
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