Question

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.$7,000 cash deposit in checking account.$28,000 bond investment due in 20 years.$7,000 U.S. Treasury bill due in 1 month.$400, 3-year loan to an employee.$1,800 of currency and coins.$700 of accounts receivable.

Answer 1

the cash and cash equivalents is $15,800

Step-by-step explanation:

The computation of the cash and cash equivalents is given below:

= Cash deposit + U.S. Treasury bill due in 1 month + currency and coins

= $7,000 + $7,000 + $1,800

= $15,800

hence, the cash and cash equivalents is $15,800

The same is to be considered and relevant