CPA · Question 15 · Area II: Balance Sheet Accounts
On December 31, Year 1, Gem Co. holds the following:<br/>- Checking account balance: $50,000<br/>- Treasury bill (purchased Dec 1, Year 1, maturing Feb 28, Year 2): $20,000<br/>- Treasury bond (purchased Mar 1, Year 1, maturing Feb 28, Year 2): $30,000<br/>- Restricted cash (for bond sinking fund, non-current): $10,000<br/><br/>What amount should be reported as Cash and Cash Equivalents on the Balance Sheet?
Answer options:
$110,000
$70,000
$80,000
$100,000
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