Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank—checking account $ 29,500 U.S. Treasury bills (mature in 60 days)* 7,000 Cash on hand (currency and coins) 2,050 U.S. Treasury bills (mature in six months)* 17,000 Undeposited customer checks 2,540 *Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.
Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank—checking account $ 29,500 U.S. Treasury bills (mature in 60 days)* 7,000 Cash on hand (currency and coins) 2,050 U.S. Treasury bills (mature in six months)* 17,000 Undeposited customer checks 2,540 *Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Delta Automotive Corporation has the following assets listed in its 12/31/2024
| Cash in bank—checking account | $ 29,500 |
|---|---|
| U.S. Treasury bills (mature in 60 days)* | 7,000 |
| Cash on hand (currency and coins) | 2,050 |
| U.S. Treasury bills (mature in six months)* | 17,000 |
| Undeposited customer checks | 2,540 |
*Purchased on 11/30/2024
Required:
- Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024
balance sheet . - For each of the items not included in your answer to requirement 1, select the correct classification of the item.
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