Question - Logistics Company had the following items listed in its trial balance at 12/31/2016:
Balance in checking account, Bank of the East $342,000
Treasury bills, purchased on 11/1/2016, mature on 1/30/2017 25,000
Loan payable, long-term, Bank of the East 390,000
Included in the checking account balance is $44,000 of restricted cash that Bank of the East requires as a compensating balance for the $390,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents?
$342,000.
$298,000.
$367,000.
$323,000.