Gatti Corporation reported the following balances at June 30. $115 Accounts Paya
ID: 2339098 • Letter: G
Question
Gatti Corporation reported the following balances at June 30. $115 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment37 Cash 16 110 Cash Equivalents Stock Depreciation Expense Dividends Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings Salaries and Wages Expense Service Revenue Unearned Revenue Utilities Expense 310 70 10 25 405 490 41 61 Required: 1. What amount should be reported as Cash and Cash Equivalents"? Cash and Cash Equivalents S37Explanation / Answer
(1).
Cash and cash equivalents
$37
Explanation;
Cash and cash equivalents ($11 + $16 + $10) = $37
(2).
GATTI CORPORATION
Balance Sheet
As on June 30
Assets
Liabilities
Current assets;
Current assets;
Cash and cash equivalents
$37
Accounts payable
$115
Restricted cash
$25
Unearned revenue
$41
Accounts receivable
$75
Notes payable (Short-term)
$20
Total current assets
$137
Total current liabilities
$176
Non-current assets;
Notes payable (Long-term)
$70
Equipment
$310
Total liabilities
$246
- Accumulated depreciation
($37)
Stockholders’ equity;
Common stock
$110
Retained earnings
$54
Total stockholders’ equity
$164
Total assets
$410
Total liabilities and stockholders’ equity
$410
Cash and cash equivalents
$37
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