Logistics Company had the following items listed in its trial balance at 12/31/11
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Logistics Company had the following items listed in its trial balance at 12/31/11:
Balance in checking account, Bank of the East $442,000
Treasury bills, purchse on 11/1/11, mature on 1/30/12 20,000
Loan payable, long-term, Bank of the East 300,000
Included in the checking account balance is $50,000 of restricted cash that Bank of the East requires as a compensating balance for the $300,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents?
a $412,000.
b $462,000.
c $392,000.
d $442,000.
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