A new accountant at Metlock, Inc. is trying to identify which of the amounts shown below should be reported as current asset "Cash and Cash Equivalents" on the year-end balance sheet as of April 30, 2017.

1.		$56 in cash and coins in a locked box used for incidental cash transactions.
2.		A US Treasury bill of $10,400, due May 31, 2017.
3.		$265 of checks dated April that Metlock received from customers but have not yet deposited.
4.		A check for $82 received from a customer as payment for his April account, but postdated to May 1.
5.		$4,850 in the company checking account.
6.		$5,590 in your savings account.
7.		$56 postage prepaid in your postage meter.
8.		A $26 IOU from the company receptionist.

(a) What balance must Metlock report as its "Cash and Cash Equivalents" balance as of April 30, 2017?

Answer rating: 100% (QA)

Metlock Inc should report the following amounts as Cash and Cash Equivalents on ... View the full answer