Anew accountant at larkspur, 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, 2022.

1. $52 of currency and coin in a locked box used for incidental cash transactions.
2. a $10,200 u. s. treasury bill, due may 31, 2022.
3. $255 of april-dated checks that larkspur has received from customers but not yet deposited.
4. an $78 check received from a customer in payment of its april account, but postdated to may 1.
5. $3,360 in the company’s checking account.
6. $6,350 in its savings account.
7. $52 of prepaid postage in its postage meter.
8. a $22 iou from the company receptionist.

(a) what balance should larkspur report as its “cash and cash equivalents” balance at april 30, 2022?

Cash and cash equivalents = $20,217

Explanation:

                          Larkspur Company

                    Cash and Cash Equivalent

Transaction No.      Particulars                           $          

1.                        Petty Cash Fund                          52

2.                       Treasury Bill                          10,200

3.                       Deposit-In-Transit                      255

                         Cash-in-Bank:

5.                       Checking account                   3,360

6.                       Savings account                      6,350

Total Cash & Cash Equivalent                        20,217

Transaction #4. Since it did not post during April, therefore, it could not be a cash item.

Transaction #7. It is an expense.

Transaction #8. IOU is a receivable.

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