Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . $8,000 cash deposit in checking account. $30,000 bond investment due in 20 years. $7,500 U.S. Treasury bill due in 1 month. $450, 3-year loan to an employee. $2,000 of currency and coins. $750 of accounts receivable. . Amount Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ Yes $ 8,000 8,000 30,000 7,500 No Checking account Bond investment U.S. Treasury bill Loan to an employee Currency and coins 0 Yes 7,500 450 No 0 2,000 Yes 2,000 Accounts receivable 750 No 0 Total Cash and cash equivalents 17,500 Determine whether each cash receipts procedure is an internal control strength or weakness. Cash receipts Strength or Weakness Weakness Strength Weakness 1. Receipts are given to customers for only sales that are above $20. 2. The clerk who has access to cash in the register cannot access the accounting records to change transaction details. 3. Sales clerks are not required to enter the sale in the register after each transaction. Instead, the company gives employees flexibility to enter sales at the end of the day or week. 4. A list of cash receipts by mail includes the sender's name, the dollar amount, and an explanation of why the money was sent. 5. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. 6. The company investigates all customer questions regarding an incorrect account balance. Strength Weakness Strength