Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. $14,000 cash deposit in checking account. $42,000 bond investment due in 20 years. $10,500 U. S. Treasury bill due in 1 month. $750, 3-year loan to an employee. $3,200 of currency and coins. $1,050 of accounts receivable.

YEAR END CASH and CASH EQUIVALENT BALANCE = $27,700

Explanation:

YEAR end cash and cash equivalents :

Cash deposit in checking account — $14,000

Treasury bill due in 1 - month =—$10,500

Currency and coins —— $3,200

TOTAL —— $27,700

Cash equivalent are short term investments which which could be converted into cash. They attain maturity within three months from date of purchase; Examples are Treasury bills and other liquid investment such as market money funds, shares traded on actively established stock exchange which can be readily converted into cash without having much impact on it's value.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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