A new accountant at Bramble Inc. is trying to identify which of the amounts shown below should be reported as th "Cash and cash equivalents in the year-end balance sheet, as of April 30, 2022. 1. 2. 3. 4. 5. 6. 7. 8. $65 of currency and coin in a locked box used for incidental cash transactions. A $13,700 U.S. Treasury bill, due May 31, 2022. $250 of checks that Wyne has received from customers but not yet deposited. An $84 check received from a customer in payment of its April account, but postdated to May 1. $2,600 in the company's checking account. $5,000 in its savings account. $85 of prepaid postage in its postage meter. A $39 IOU from the company receptionist.

A new accountant at Bramble Inc. is trying to identify which of the amounts shown below should be reported as th "Cash and cash equivalents in the year-end balance sheet, as of April 30, 2022. 1. 2. 3. 4. 5. 6. 7. 8. $65 of currency and coin in a locked box used for incidental cash transactions. A $13,700 U.S. Treasury bill, due May 31, 2022. $250 of checks that Wyne has received from customers but not yet deposited. An $84 check received from a customer in payment of its April account, but postdated to May 1. $2,600 in the company's checking account. $5,000 in its savings account. $85 of prepaid postage in its postage meter. A $39 IOU from the company receptionist.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following Information was avallable to reconcile Montrose Company's book balance of Cash with…

A: A bank reconciliation statement is a record book or a list of transactions for a bank account. This…

Q: August 31, 20 Compa balance per its books $26.48 statement balance of $17,260. A comparison of the…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is…

A: To determine how much of the cash in bank should be presented as part of noncurrent assets, we need…

Q: A new accountant at Coronado Inc. is trying to identify which of the amounts shown below should be…

A: Answer - Working Note - 1. petty fund: It shall be taken as is cash. 2. The TB is due within 90…

Q: Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash…

A: Cash and cash equivalents refer to assets that are ready to convert into cash and have a low risk of…

Q: A new accountant at Coronado Inc. is trying to identify which of the amounts shown below should be…

A: The amount of cash in a company can determine the liquidity of the company and its solvency.

Q: A company with $70,000 in current assets and $50,000 in current liabilities pays a $1,000 current…

A: Current Ratio - Current Ratio shows the liquidity of the company assets. Assets that are convertible…

Q: Correct answer please fast

A: The objective of the question is to identify which of the given items is not considered as cash and…

Q: 4/30/19 bank statement 900 /19 7,000 0/19 10,400 April 40 usted cash balance at April 30, 2019?

A: BRS is the statement which gives the reasons for difference in bank column and bank statement.

Q: Current Attempt in Progress A new accountant at Kingbird, Inc. is trying to identify which of the…

A: Cash and cash equivalents are the most liquid assets held by a business. Cash and cash equivalents…

Q: The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is…

A: Cash and cash equivalent Cash and cash equivalent includes the items that are expected to convert…

Q: 8. A $100 IOU from the company receptionist 9. Cash register floats of $300 10. Over-the-counter…

A: The cash and cash equivalent consist of the cash and other line items that can be converted into…

Q: The cash account of Pronghorn Corp. shows a general ledger balance of $3,958.95 on June 30, 2023.…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: On July 31, 2022, Metlock Company had a cash balance per books of $6,280.00. The statement from…

A: The first step in preparing the necessary adjusting entries is to identify the differences between…

Q: A new accountant at Skyline Company is trying to identify which of the following amounts should be…

A: The term "cash and cash equivalents" refers to a company's most easily convertible assets that can…

Q: Jackman Company's general ledger shows a cash account balance of $23,250 on July 31, 2024. Cash…

A: The purpose of bank reconciliation is to identify any discrepancies or errors in the organization's…

Question

A new accountant at Bramble 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.
2.
3.
4.
5.
6.
7.
8.
$65 of currency and coin in a locked box used for incidental cash transactions.
A $13,700 U.S. Treasury bill, due May 31, 2022.
$250 of checks that Wyne has received from customers but not yet deposited.
An $84 check received from a customer in payment of its April account, but postdated to May 1.
$2,600 in the company's checking account.
$5,000 in its savings account.
$85 of prepaid postage in its postage meter.
A $39 IOU from the company receptionist.
(a)
What balance should Bramble report as its "Cash and cash equivalents" balance at April 30, 2022?
Cash and cash equivalents balance $

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Prepare a bank reconciliation on 30 June 2022 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2022: $45 351 debit. 2. Bank statement balance on 30 June 2022: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. 4. Cheques issued but not presented total $3 268. 5. A $212 cheque was returned marked ‘dishonored’ (NSF). The cheque had been received from B Simpson, a new customer. 6. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business’s account with fees and charges of $25.
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
What amount should be reported as cash on december 31, 2022 Huston’s company had a checkbook balance on December 31, 2022, of P820,000 and held back the following terms: I. Check payable to Huston dated January 4, 2023, included in the December 31 checkbook balance, P90,000.II. Check payable to Huston dated December 28, 2022, and included in the December 31 balance, it was returned by the bank on December on December 30 marked NSF. The check was redeposited on January 3, 2023 and is cleared January 5, 2023, P80,000. III. Check payable to Regina Mills, a supplier, dated January 3, 2023, was delivered on December 29, 2022, P65,000. This was excluded in the December 31 balance.