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8 March, 13:20

The following are held by Smite Co.:Cash in checking account $20,000Cash in bond sinking fund account 30,000Postdated check from customer dated one month from balance sheet date 250Petty cash 200Commercial paper (matures in two months) 7,000Certificate of deposit (matures in six months 5,000What amount should be reported as cash and cash equivalents on Smite's balance sheet? A. $27,200B. $27,450C. $32,200D. $57,200

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  1. 8 March, 15:50
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    A. $27,200

    Explanation:

    The computation of the cash and cash equivalents reported is shown below:

    = Cash in checking account + Petty cash + Commercial paper

    = $20,000 + $200 + $7,000

    = $27,200

    We only added these three items which are shown above as they include cash related items

    All other information which is given is not relevant. Hence, ignored it
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