Question: E 5 - 8 ( Static ) Preparing a Balance Sheet [ LO 5 - 5 ] Gatti Corporation reported the following balances at June

E5-8(Static) Preparing a Balance Sheet [LO 5-5]
Gatti Corporation reported the following balances at June 30.
Accounts Payable $ 110
Accounts Receivable 70
Accumulated DepreciationEquipment 40
Cash 10
Cash Equivalents 15
Common Stock 100
Deferred Revenue 40
Equipment 300
Notes Payable (long-term)60
Notes Payable (short-term)30
Petty Cash 5
Restricted Cash (short-term)20
Retained Earnings 40
Required:
What amount should be reported as Cash and Cash Equivalents?
Prepare a classified balance sheet. Do not show the components that add up to your answer in requirement 1, but rather show only the line Cash and Cash Equivalents.

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