Kimmel, Financial Accounting, SeISHelo I System AnnouncementsCALCMAExercise 7-12A new accountant at Teal Mountain 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 balane sthoet d1. $68 of currency and coin in a locked box used for incidental cash transactions.2. A$11,000 U.S. Treasury bill, due May 31, 2017.3. $295 of April-dated checks that Teal Mountain has received from customers but not yet deposited.4. An $94 check received from a customer in payment of its April account, but postdated to May 1.5. $4,260 in the company's checking account.6. $6,040 in its savings account.7. $68 of prepaid postage in its postage meter.8. A $38 IOU from the company receptionist.(a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017?Cash and cash equivalents balance at April 30, 2017%24Click if you would like to Show Work for this question:Open Show WorkLINK TO TEXTQuestion Attempts: 0 of 3 used

Answered: Exercise 7-12 A pew accountant at Teal…

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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Kimmel, Financial Accounting, Se
IS
Helo I System Announcements
CALCMA
Exercise 7-12
A new accountant at Teal Mountain 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 balane sthoet d
1. $68 of currency and coin in a locked box used for incidental cash transactions.
2. A$11,000 U.S. Treasury bill, due May 31, 2017.
3. $295 of April-dated checks that Teal Mountain has received from customers but not yet deposited.
4. An $94 check received from a customer in payment of its April account, but postdated to May 1.
5. $4,260 in the company's checking account.
6. $6,040 in its savings account.
7. $68 of prepaid postage in its postage meter.
8. A $38 IOU from the company receptionist.
(a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017?
Cash and cash equivalents balance at April 30, 2017
%24
Click if you would like to Show Work for this question:
Open Show Work
LINK TO TEXT
Question Attempts: 0 of 3 used

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Introduction

Cash & cash equivalent is part of asset which is reported as current asset under asset section of balance sheet, cash & cash equivalent include cash and assets which can be converted into cash with in a year or which can liquidate less than a year like, cash in bank, treasury bill and checks.

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