Business, 03.12.2021 21:30 mosleykimberly944

Burr Company had the following account balances at December 31, Year 1: Cash in banks

$2,250,000

Cash on hand

125,000

Cash legally restricted for additions to plant (expected to be disbursed in Year 2)

1,600,000

Cash in banks includes $600,000 of compensating balances related to short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Burr. In the current assets section of Burrâ€™s December 31, Year 1, balance sheet, total cash should be reported at
A.$2,250,000
B.$3,975,000
C.$1,775,000
D.$2,375,000

Answers: 3

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Burr Company had the following account balances at December 31, Year 1: Cash in banks

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