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Rune Co.’s checkbook balance on December 31, was $10,000. On that date, Rune held the following
items in its safe:
$4,000 check payable to Rune, postdated January 3, and not included in the December 31 checkbook balance, in collection of a sale made in December.
$1,000 check payable to Rune, deposited December 15 and included in the December 31 checkbook balance, but returned by the bank on December 30 stamped “NSF”. The check was redeposited on January 2, and cleared on January 9.
What amount should Rune report as cash in its December 31, balance sheet?
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