QUESTION 35

1. Noman had the following items at year end:

   Balance in checking account	$	512,000
   Treasury bills, purchased on 11/1/2020, mature on 1/30/2021		22,000
   Loan payable, long-term, from bank		350,000

   Included in the checking account balance is $44,000 of restricted cash that Noman's bank requires as a compensating balance for the note. Total cash and cash equivalents are:

   	A.	$512,000.
   	B.	$534,000.
   	C.	$468,000.
   	D.	$490,000.