Problem
The controller for Ram, Inc. is attempting to determine the amount of Cash & Cash Equivalents to be reported on its Dec 31, 2023 balance sheet.
A. Ram has two checking accounts in First National Bank of Colorado. The first has an account balance of $92,000 and the second account shows an overdrawn balance of ($1,500).
B. Money market fund account which permits Ram to write checks on the balance, $40,000.
C. Ram has a Bond Sinking Fund in the amount of $1,500,000 that is restricted for the retirement of the long-term debt in 2027.
D. Undeposited customer checks of $5,200 5. Ram purchased $210,000 of commercial paper on December 1, 2023 which matures in 180 days.
E. Ram maintains a compensating balance of $500,000 at all times at First National Bank of Denver to ensure future credit availability. These deposits are restricted under contractual agreements.
F. Ram purchased $100,000 of stock in ABC Corporation on December 1, 2023 intending to hold it only through February 1, 2024.
G. Ram is holding U.S. Treasury bills: 2-month maturity bills totaling $15,000, and 7-month bills totaling $25,000.
Task
Determine the correct balance of Cash & Cash Equivalents Ram should report on their balance sheet at December 31, 2023.