QUESTION 35 Noman had the following items at year end: Balance in checking account $ 512,000...
QUESTION 35
-
Noman had the following items at year end:
Balance in checking account $ 512,000 Treasury bills, purchased on 11/1/2020,
mature on 1/30/202122,000 Loan payable, long-term, from bank 350,000
Included in the checking account balance is $44,000 of restricted cash that Noman's bank requires as a compensating balance for the note. Total cash and cash equivalents are:A. $512,000.
B. $534,000.
C. $468,000.
D. $490,000.
Homework Answers
Correct Option is
D. $490000
Working:
| Balance in checking account | $ | 512,000 | ||
| Add: Treasury bills, purchased on 11/1/2020, mature on 1/30/2021 |
22,000 | |||
| Less:restricted cash | 44,000 | |||
| Total Cash and Cash equivalents | 490,000 | |||
Add Answer to:
QUESTION 35
Noman had the following items at year end:
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