Gatti Corporation reported the following balances at June 30. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment...

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Gatti Corporation reported the following balances at June 30. Accounts Payable Accounts Receivable Accumulated Depreciation E

What amount should be reported as Cash and Cash Equivalents? - Prepare a classified balance sheet. Do not show the componen

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Answer 1

Answer #1

All amounts are in $

1.

"Cash and Cash equivalents" = 60

Workings :

Cash + Petty Cash + Cash equivalents

= 15 + 25 + 20

= 60

2.

Assets	Amount	Amount	Equity and Liabilities	Amount	Amount
Current Assets			Current Liabilities
Cash & Cash equivalents	60		Accounts Payable	105
Accounts Receivable	95		Notes Payable (Short term)	20
Restricted Cash	20		Deferred Revenue	45
Total Current Assets		175	Total Current Liabilities		170

Plant, Property & Equipment			Long term Liabilities
Equipment	350		Notes Payable (Long term)	110
Less : Accumulated depreciation	(45)		Total Long term liabilities		110
Net Equipment		305
			Stock holders Equity
			Common Stock	150
			Retained Earnings	50
			Total Stock holders Equity		200

Total Assets		480	Total Equity and Liability		480

Income Statement :

1. Service Revenue = 530

2. Expenses

A. Salaries and wages = 425

B. Utility expenses = 65

C. Depreciation = 35

3. Net Income (1-2) = 5

Statement of Retained Earnings :

1. Beginning Retained earnings = 50

2. Net income = 5

3. Dividend = (5)

4. Closing Retained Earnings = 50

Note :

1. In general, Equity and Liabilities will be on left side of Balance Sheet but in this answer we have written Assets on left side of Balance Sheet. This is due to the format given in question (they have given two sections in left side and three sections ofln right side)

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Answer 2

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Gatti Corporation reported the following balances at June 30. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment...

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