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Current Attempt in Progress A new accountant at Kingbird, 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, 2025. 1. 2. 3. 4. 5. 6. 7. 8. $50 of currency and coin in a locked box used for incidental cash transactions. A $10,100 U.S. Treasury bill, due May 31, 2025. $250 of April-dated checks that Kingbird has received from customers but not yet deposited. An $76 check received from a customer in payment of its April account, but postdated to May 1. $2,500 in the company's checking account. $4,500 in its savings account. $50 of prepaid postage in its postage meter. A $20 IOU from the company receptionist. (a) What balance should Kingbird report as its "Cash and cash equivalents" balance at April 30, 2025? Cash and cash equivalents balance at April 30, 2025

Current Attempt in Progress A new accountant at Kingbird, 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, 2025. 1. 2. 3. 4. 5. 6. 7. 8. $50 of currency and coin in a locked box used for incidental cash transactions. A $10,100 U.S. Treasury bill, due May 31, 2025. $250 of April-dated checks that Kingbird has received from customers but not yet deposited. An $76 check received from a customer in payment of its April account, but postdated to May 1. $2,500 in the company's checking account. $4,500 in its savings account. $50 of prepaid postage in its postage meter. A $20 IOU from the company receptionist. (a) What balance should Kingbird report as its "Cash and cash equivalents" balance at April 30, 2025? Cash and cash equivalents balance at April 30, 2025

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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Current Attempt in Progress A new accountant at Kingbird, 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, 2025. 1. 2. 3. 4. 5. 6. 7. 8. $50 of currency and coin in a locked box used for incidental cash transactions. A $10,100 U.S. Treasury bill, due May 31, 2025. $250 of April-dated checks that Kingbird has received from customers but not yet deposited. An $76 check received from a customer in payment of its April account, but postdated to May 1. $2,500 in the company's checking account. $4,500 in its savings account. $50 of prepaid postage in its postage meter. A $20 IOU from the company receptionist. (a) What balance should Kingbird report as its "Cash and cash equivalents" balance at April 30, 2025? Cash and cash equivalents balance at April 30, 2025 $
Transcribed Image Text:Current Attempt in Progress A new accountant at Kingbird, 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, 2025. 1. 2. 3. 4. 5. 6. 7. 8. $50 of currency and coin in a locked box used for incidental cash transactions. A $10,100 U.S. Treasury bill, due May 31, 2025. $250 of April-dated checks that Kingbird has received from customers but not yet deposited. An $76 check received from a customer in payment of its April account, but postdated to May 1. $2,500 in the company's checking account. $4,500 in its savings account. $50 of prepaid postage in its postage meter. A $20 IOU from the company receptionist. (a) What balance should Kingbird report as its "Cash and cash equivalents" balance at April 30, 2025? Cash and cash equivalents balance at April 30, 2025 $
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