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E8.15 (LO 4), AP A new accountant at Wyne 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. $60 of currency and coin in a locked box used for incidental cash transactions. 2. A $10,000 U.S. Treasury bill, due May 31, 2022. 3. $260 of checks that Wyne has received from customers but not yet deposited. 4. An $85 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,500 in the company's checking account. 6. $4,800 in its savings account. 7. $75 of prepaid postage in its postage meter. 8. A $25 IOU from the company receptionist. Instructions a. What balance should Wyne report as its "Cash and cash equivalents" balance at April 30, 2022? b. In what account(s) and in what financial statement(s) should the items not included in "Cash and cash equivalents" be reported? Identify reporting of cash.

E8.15 (LO 4), AP A new accountant at Wyne 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. $60 of currency and coin in a locked box used for incidental cash transactions. 2. A $10,000 U.S. Treasury bill, due May 31, 2022. 3. $260 of checks that Wyne has received from customers but not yet deposited. 4. An $85 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,500 in the company's checking account. 6. $4,800 in its savings account. 7. $75 of prepaid postage in its postage meter. 8. A $25 IOU from the company receptionist. Instructions a. What balance should Wyne report as its "Cash and cash equivalents" balance at April 30, 2022? b. In what account(s) and in what financial statement(s) should the items not included in "Cash and cash equivalents" be reported? Identify reporting of cash.

FINANCIAL ACCOUNTING
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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E8.15 (LO 4), AP A new accountant at Wyne 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. $60 of currency and coin in a locked box used for incidental cash transactions. 2. A $10,000 U.S. Treasury bill, due May 31, 2022. 3. $260 of checks that Wyne has received from customers but not yet deposited. 4. An $85 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,500 in the company's checking account. 6. $4,800 in its savings account. 7. $75 of prepaid postage in its postage meter. 8. A $25 IOU from the company receptionist. Instructions a. What balance should Wyne report as its "Cash and cash equivalents" balance at April 30, 2022? b. In what account(s) and in what financial statement(s) should the items not included in "Cash and cash equivalents" be reported? Identify reporting of cash.
Transcribed Image Text:E8.15 (LO 4), AP A new accountant at Wyne 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. $60 of currency and coin in a locked box used for incidental cash transactions. 2. A $10,000 U.S. Treasury bill, due May 31, 2022. 3. $260 of checks that Wyne has received from customers but not yet deposited. 4. An $85 check received from a customer in payment of its April account, but postdated to May 1. 5. $2,500 in the company's checking account. 6. $4,800 in its savings account. 7. $75 of prepaid postage in its postage meter. 8. A $25 IOU from the company receptionist. Instructions a. What balance should Wyne report as its "Cash and cash equivalents" balance at April 30, 2022? b. In what account(s) and in what financial statement(s) should the items not included in "Cash and cash equivalents" be reported? Identify reporting of cash.
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