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shutvik [7]
3 years ago
8

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount repor

ted on the year-end balance sheet for cash and cash equivalents. $6,000 cash deposit in checking account. $26,000 bond investment due in 20 years. $6,500 U.S. Treasury bill due in 1 month. $350, 3-year loan to an employee. $1,600 of currency and coins. $650 of accounts receivable.
Business
1 answer:
konstantin123 [22]3 years ago
5 0

Answer:

Total Cash and Cash Equivalents = $14,100

Explanation:

Particulars                 Amount     Reason

Checking Account     $6,000      Readily realizable

Bond Investment          Nil            The bond is due in 20 yrs, hence not readily realizable

U.S. Treasury Bill        $6,500       Due in 1 month

Loan to an Employee     Nil           The loan is for a period of more than 3 months

Currency and Coins    $1,600        They are cash itself

Accounts Receivable     Nil            Accounts receivable is not considered as readily realizable

Total Cash and Cash Equivalents = $14,100

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