Blakely Industries has the following items:Currency$26,250Customer checks that have not been deposited700U.S. government bonds that originally maturing in 3 months13,000U.S. government bonds that originally maturing in 12 months14,000Cash in saving and checking accounts64,000Certificates of deposits that originally maturing in 18 months47,000 Required:How much should Blakely report as cash and equivalents on its balance sheet?

Cash Equivalents are those assets of a company which can e converted in to cash immediately. They…

Answered: Blakely Industries has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blakely Industries has the following items:

Currency	$26,250
Customer checks that have not been deposited	700
U.S. government bonds that originally maturing in 3 months	13,000
U.S. government bonds that originally maturing in 12 months	14,000
Cash in saving and checking accounts	64,000
Certificates of deposits that originally maturing in 18 months	47,000

Required:

How much should Blakely report as cash and equivalents on its balance sheet?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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