Question

A new accountant at skysong, 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.

Answer 1

$17620

Petty Cash Fund = $60
Treasury bill = 10000
Deposit-In-Transit = 260
Cash-in-Bank = 7300
Total C&CE = $17620

Not included items are
Item 4: Postdated check is an Receivable
Item 7: Postage Stamps are Office Supplies
Item 8: IOU is a Receivable