A new accountant at Sage Hill Inc. is trying to identify which of the amounts...
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Accounting
A new accountant at Sage Hill 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, 2017.
1.
$80 of currency and coin in a locked box used for incidental cash transactions.
2.
A $11,600 U.S. Treasury bill, due May 31, 2017.
3.
$325 of April-dated checks that Sage Hill has received from customers but not yet deposited.
4.
An $80 check received from a customer in payment of its April account, but postdated to May 1.
5.
$4,320 in the companys checking account.
6.
$7,070 in its savings account.
7.
$52 of prepaid postage in its postage meter.
8.
A $50 IOU from the company receptionist.
(a) What balance should Sage Hill report as its Cash and cash equivalents balance at April 30, 2017?
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