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Logistics Company had the following items listed in its trial balance at 12/31/2018: Balance in checking account, Bank of the East $422,000 Treasury bills, purchased
Logistics Company had the following items listed in its trial balance at 12/31/2018:
Balance in checking account, Bank of the East $422,000
Treasury bills, purchased on 11/1/2018, mature on 1/30/2019 22,000
Loan payable, long-term, Bank of the East 330,000
Included in the checking account balance is $55,000 of restricted cash that Bank of the East requires as a compensating balance for the $330,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents?
Multiple Choice
- $367,000.
- $444,000.
- $389,000.
- $422,000.
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