Gia Company has the following information available: What is the amount of Cash and Cash Equivalents to be reported on the balance sheet?
A)$0
B)$400,000
C)$3,400,000
D)$5,900,000

Question

Gia Company has the following information available:  What is the amount of Cash and Cash Equivalents to be reported on the balance sheet?
A)$0 
B)$400,000 
C)$3,400,000 
D)$5,900,000

Quizplus · Accepted Answer

Cash in checking account $400,000 + Cash in savings account $3,000,000 =$3,400,000.U.S.Treasury bill due in one month is not included because it was purchased six months ago (cutoff is three months).

Gia Company Has the Following Information Available: What Is