A new accountant at Coronado 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. $75 of currency and coin in a locked box used for incidental cash transactions. 2. A $12,800 U.S. Treasury bill, due May 31, 2022. 3. $210 of checks that Wyne has received from customers but not yet deposited. 4. An $93 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,700 in the company’s checking account. 6. $5,400 in its savings account. 7. $83 of prepaid postage in its postage meter. 8. A $38 IOU from the company receptionist. (a)What balance should Coronado report as its “Cash and cash equivalents” balance at April 30, 2022?Cash and cash equivalents balance $enter the cash and cash equivalents balance in dollars

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

Answered: A new accountant at Coronado Inc. is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A new accountant at Coronado 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.		$75 of currency and coin in a locked box used for incidental cash transactions.
2.		A $12,800 U.S. Treasury bill, due May 31, 2022.
3.		$210 of checks that Wyne has received from customers but not yet deposited.
4.		An $93 check received from a customer in payment of its April account, but postdated to May 1.
5.		$2,700 in the company’s checking account.
6.		$5,400 in its savings account.
7.		$83 of prepaid postage in its postage meter.
8.		A $38 IOU from the company receptionist.

(a)

What balance should Coronado report as its “Cash and cash equivalents” balance at April 30, 2022?

Cash and cash equivalents balance

$enter the cash and cash equivalents balance in dollars

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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