Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance: Cash in bank—checking account $ 25,500 U.S. Treasury bills (mature in 60 days)* 8,000 Cash on hand (currency and coins) 1,650 U.S. Treasury
Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance:
| Cash in bank—checking account | $ | 25,500 | |
| U.S. Treasury bills (mature in 60 days)* | 8,000 | ||
| Cash on hand (currency and coins) | 1,650 | ||
| U.S. Treasury bills (mature in six months)* | 13,000 | ||
| Undeposited customer checks | 2,140 | ||
*Purchased on 11/30/21
Required:
1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet.
Homework Answers
Answer:
cash and cash equivalents includes:
| cash in bank- checking account | 25,500 |
| U.S. treasury bills | 8,000 |
| Cash on hand | 1,650 |
| Undeposited customer checks | 2,140 |
| total | 37,290 |
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Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance: Cash in bank—checking account $ 25,500 U.S. Treasury bills (mature in 60 days)* 8,000 Cash on hand (currency and coins) 1,650 U.S. Treasury
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