Question
Cashmere Soap Corporation had the following items listed in its trial balance on 12/31/2024: Currency and coins $ 650 Balance in checking account 60,000 Customer
Cashmere Soap Corporation had the following items listed in its trial balance on 12/31/2024:
Currency and coins | $ 650 |
Balance in checking account | 60,000 |
Customer checks waiting to be deposited | 1,200 |
Treasury bills, purchased on 11/1/2024, mature on 4/30/2025 | 3,000 |
Marketable equity securities | 10,200 |
Commercial paper, purchased on 11/1/2024, mature on 5/30/2025
| 5,000 |
Included in the checking account balance is $58,000 of restricted cash that Bank of the East requires as a compensating balance for the $600,000 note.
Required: What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?
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