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.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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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

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.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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