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Gatti Corporation reported the following balances at June 30. Accounts Payable $110 Accounts Receivable 85 Accumulated DepreciationEquipment 36 Cash 13 Cash Equivalents 18 Contributed Capital
Gatti Corporation reported the following balances at June 30.
Accounts Payable | $110 |
Accounts Receivable | 85 |
Accumulated DepreciationEquipment | 36 |
Cash | 13 |
Cash Equivalents | 18 |
Contributed Capital | 130 |
Depreciation Expense | 25 |
Dividends | 7 |
Equipment | 330 |
Notes Payable (long-term) | 90 |
Notes Payable (short-term) | 50 |
Petty Cash | 10 |
Restricted Cash (short-term) | 30 |
Retained Earnings | 27 |
Salaries and Wages Expense | 415 |
Service Revenue | 510 |
Deferred Revenue | 43 |
Utilities Expense | 63 |
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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