Question
Gatti Corporation reported the following balances at June 30. Accounts Payable $165 Accounts Receivable 165 Accumulated DepreciationEquipment 73 Cash 29 Cash Equivalents 34 Common Stock
Gatti Corporation reported the following balances at June 30. Accounts Payable $165 Accounts Receivable 165 Accumulated DepreciationEquipment 73 Cash 29 Cash Equivalents 34 Common Stock 290 Depreciation Expense 90 Dividends 6 Equipment 490 Notes Payable (long-term) 80 Notes Payable (short-term) 30 Petty Cash 5 Restricted Cash (short-term) 10 Retained Earnings 36 Salaries and Wages Expense 495 Service Revenue 670 Unearned Revenue 59 Utilities Expense 79 Required: 1. What amount should be reported as Cash and Cash Equivalents? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1 but rather show only the line Cash and Cash Equivalents. (Amounts to be deducted should be indicated by a minus sign.)
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