Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance:
| Cash in bank-checking account | $37,500 |
|---|---|
| U.S. Treasury bills (mature in 60 days )* | 5,000 |
| Cash on hand (currency and coins) | 2,850 |
| U.S. Treasury bills (mature in six months)* | 25,000 |
| Undeposited customer checks | 3,340 |
Required:
1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet.
| Cash in bank - checking account | 37,500 |
| US treasury bills | 5,000 |
| Cash on hand | 2850 |
| Undeposited customer checks | 3340 |
| Total | 48,690 |
Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance: