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Gatti Corporation reported the following balances at June 30. Accounts Payable $155 Accounts Receivable 140 Accumulated DepreciationEquipment 58 Cash 24 Cash Equivalents 29 Common Stock
Gatti Corporation reported the following balances at June 30. |
Accounts Payable | $155 |
Accounts Receivable | 140 |
Accumulated DepreciationEquipment | 58 |
Cash | 24 |
Cash Equivalents | 29 |
Common Stock | 240 |
Depreciation Expense | 70 |
Dividends | 6 |
Equipment | 440 |
Notes Payable (long-term) | 80 |
Notes Payable (short-term) | 50 |
Petty Cash | 15 |
Restricted Cash (short-term) | 20 |
Retained Earnings | 31 |
Salaries and Wages Expense | 470 |
Service Revenue | 620 |
Unearned Revenue | 54 |
Utilities Expense | 74 |
Required: | |
1. | What amount should be reported as Cash and Cash Equivalents? |
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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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