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Empty Company had the following items listed in its trial balance on 12/31/23: Balance in checking account, Bank of the East $442,000; Treasury bills, purchased
Empty Company had the following items listed in its trial balance on 12/31/23: Balance in checking account, Bank of the East $442,000; Treasury bills, purchased on 11/1/20, mature on 1/30/21 $20,000; Loan payable, long-term, Bank of the East $300,000. Included in the checking account balance is $50,000 of restricted cash that Bank of the East requires as a compensating balance for the $300,000 note. What amount will Empty Company include in its year-end balance sheet as cash and cash equivalents
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