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g100num [7]
3 years ago
12

Logistics Company had the following items listed in its trial balance at 12/31/2021: Balance in checking account, Bank of the Ea

st $ 352,000 Treasury bills, purchased on 11/1/2021, mature on 1/30/2022 15,000 Loan payable, long-term, Bank of the East 380,000 Included in the checking account balance is $50,000 of restricted cash that Bank of the East requires as a compensating balance for the $380,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents
Business
1 answer:
Varvara68 [4.7K]3 years ago
4 0

Answer:

$317,000

Explanation:

Given that,

Opening Balance in Checking Account = $352,000

Restricted Balance = $50,000

Treasury bill = $15,000

Cash and Cash Equivalent at Year End:

= Opening Balance in Checking Account - Restricted Balance + Treasury bill amount

= $352,000 - $50,000 + $15,000

= $317,000

Therefore, the amount will Logistics include in its year-end balance sheet as cash and cash equivalents is $317,000.

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