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A new accountant at Netzloff 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, 2012.
1.
$58 of currency and coin in a locked box used for incidental cash transactions.
2.
A $13,590 U.S. Treasury bill, due May 31, 2012.
3.
$327 of April-dated checks that Netzloff has received from customers but not yet deposited.
4.
An $85 check received from a customer in payment of its April account, but postdated to May 1.
5.
$3,510 in the company’s checking account.
6.
$5,800 in its savings account.
7.
$74 of prepaid postage in its postage meter.
8.
A $34 IOU from the company receptionist.
