Question: Hello, please help me to solve it step by step. I know correct answer posted on the below. Thank you so much. Crane Company has

Hello, please help me to solve it step by step. I know correct answer posted on the below. Thank you so much.

Crane Company has the following items at year-end:

Cash in bank $32000
Petty cash 250
Short-term paper with maturity of 2 months 5000
Postdated checks 1200

Crane should report cash and cash equivalents of

Correct answer: $37250

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