a. What is the main objective of internalb. Why should recordkeeping for assets be separated from custodyc. Do you report your findings?QS 7-2 Reporting cash and other current assets LO2March 31, 2020, fent asset section based on the following alphabetized post-closing trial balance informationfor White Eagle Company:DebitsCreditsAccount$ 7,000Accounts payable...Accounts receivable.$ 4,500Accumulated depreciation.Cash.15,000Isaac Whiteagle, capital.Notes payable, due 2026.Petty cash.6003,200Prepaid rent.8,000Property, plant, and equipment.Unearned revenue.9,90025,80014,0004,600

Current assets are also known as the floating assets or circulating assets and consist of items…

QS 7-2 Reporting cash and other current assets LO2 Prepare the current asset section based on the following alphabetized post-closing trial balance information March 31, 2020, for White Eagle Company: Debits Credits Account $ 7,000 Accounts payable.. Accounts receivable. $ 4,500 Accumulated depreciation. Cash. 15,000 Isaac Whiteagle, capital. Notes payable, due 2026. Petty cash.. 600 3,200 Prepaid rent. 8,000 Property, plant, and equipment. Unearned revenue. 9.900 25,800 14,000 4.600

QS 7-2 Reporting cash and other current assets LO2 Prepare the current asset section based on the following alphabetized post-closing trial balance information March 31, 2020, for White Eagle Company: Debits Credits Account $ 7,000 Accounts payable.. Accounts receivable. $ 4,500 Accumulated depreciation. Cash. 15,000 Isaac Whiteagle, capital. Notes payable, due 2026. Petty cash.. 600 3,200 Prepaid rent. 8,000 Property, plant, and equipment. Unearned revenue. 9.900 25,800 14,000 4.600

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:…