Question

Gatti Corporation reported the following balances at June 30. $ 145 105 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Depreciation Expense Dividends Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings Salaries and Wages Expense Service Revenue Utilities Expense 435

Answer 1

1.

Computation of Cash and Cash Equivalents
	$
Cash	17.00
Petty Cash	20.00
Cash Equivalents	22.00
Cash and Cash Equivalents	59.00

2.

GATTI CORPORATION
BALANCE SHEET
Assets	$	Liabilities	$
Current Assets		Current Liabilities
Cash and Cash Equivalents	59.00	Accounts payable	145.00
Restricted Cash	10.00	Deferred Revenue	47.00
Accounts receivable	105.00	Notes Payable (short-term)	20.00
Total Current Assets	174.00	Total Current Liabilities	212.00
		Note Payable (long-term)	60.00
Non current Assets		Total Liabilities	272.00
Equipment	370.00
Accumulated Depreciation	(44.00)	Stockholders’ Equity
	326.00	Common Stock	170.00
		Retained Earnings	58.00
		Total Stockholders’ Equity	228.00
Total assets	500.00	Total Liabilities & Stockholders’ Equity	500.00