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Specter Co. 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. $3,000 cash deposit in checking account. $20,000 bond investment due in 20 years. $5,000 U.S. Treasury bill due in 1 month. $200, 3-year loan to an employee. $1,000 of currency and coins. $500 of accounts receivable.

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Answer:

Total Cash and Cash Equivalent = $8,000

Explanation:

Particulars                 Amount (in $)          Reason

Checking Account      3,000               Readily realizable

U.S. Treasury Bill        5,000               Due in 1 month

Currency and Coins    1,000               They are cash itself

Total Cash and Cash  8,000

Equivalents

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