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Background information as of 12/31/20: Cash and currency in cash registers $ 50,000 An investment in a debt security maturing on 2/15/21 25,000 An investment in an equity security 10,000 Checking account balance 20,000 Petty cash 1,000 At December 31, 2020, the amount of cash and cash equivalents that will be reported on the company’s balance sheet is? multiple choice

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abiolataiwo2015

The amount of cash and cash equivalents that will be reported on the company’s balance sheet is $96,000.

Using this formula

Cash and cash equivalents=Cash registers+ Investment in debt security +Checking account balance+ Petty cash

Where:

Cash registers=$50,000

Investment in debt security=$25,000

Checking account balance=$20,000

Petty cash=$1,000

Let plug in the formula

Cash and cash equivalents=$50,000+$25,000+$20,000+$1,000

Cash and cash equivalents=$96,000

Inconclusion the amount of cash and cash equivalents that will be reported on the company’s balance sheet is $96,000.

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