Gatti Corporation reported the following balances at June 30. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) Notes Payable (short-term) Petty Cash Restricted Cash (short-term) $ 110 70 40 10 15 100 40 300 60 30 5 20 40 Retained Earnings Required: 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet June 30

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gatti Corporation reported the following balances at June 30.
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Cash
Cash Equivalents
Common Stock
Deferred Revenue
Equipment
Notes Payable (long-term)
110
70
40
10
15
100
40
300
60
Notes Payable (short-term)
Petty Cash
Restricted Cash (short-term)
Retained Earnings
Required:
00500
30
20
40
1. What amount should be reported as "Cash and Cash Equivalents"?
2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only
the line "Cash and Cash Equivalents."
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only
the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.)
GATTI CORPORATION
Balance Sheet
June 30
Transcribed Image Text:Gatti Corporation reported the following balances at June 30. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Cash Equivalents Common Stock Deferred Revenue Equipment Notes Payable (long-term) 110 70 40 10 15 100 40 300 60 Notes Payable (short-term) Petty Cash Restricted Cash (short-term) Retained Earnings Required: 00500 30 20 40 1. What amount should be reported as "Cash and Cash Equivalents"? 2. Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line "Cash and Cash Equivalents." (Amounts to be deducted should be indicated by a minus sign.) GATTI CORPORATION Balance Sheet June 30
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