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Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance:

Delta Automotive Corporation has the following assets listed in its 12/31/2021 trial balance:

Cash in bank-checking account$37,500
U.S. Treasury bills (mature in 60 days )*5,000
Cash on hand (currency and coins)2,850
U.S. Treasury bills (mature in six months)*25,000
Undeposited customer checks3,340

 

Required:

 1. Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet.

Solutions

Expert Solution

Cash in bank - checking account 37,500
US treasury bills 5,000
Cash on hand 2850
Undeposited customer checks 3340
Total 48,690

ekkarill92 answered 2 years ago
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