90.2K

Verified Solution

Link Copied!

Delta Automotive Corporation has the following assets listed in its $12/31/2024$ trial balance:

Cash in bank$-$checking account

U$.$S$.$ Treasury bills $($mature in $60$ days$)*$

Cash on hand $($currency and coins$)$

U$.$S$.$ Treasury bills $($mature in six months$)*$

Undeposited customer checks

$\backslash (\backslash$$ $39,500\backslash )$

$7,000$

$3,050$

$27,000$

$3,540$

$*$Purchased on $11/30/2024$

Required:

$1.$ Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance sheet.

$2.$ For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.

Complete this question by entering your answers in the tabs below.

Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance sheet. Required:

$1.$ Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the $2024$ balance sheet.

$2.$ For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.

Complete this question by entering your answers in the tabs below.

Required $2$

For each of the items not included in your answer to requirement $1,$ select the correct classification of the item.

Show all imagesShow all images

Answer & Explanation Solved by verified expert

See Answer