FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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**Specter Co. Cash and Cash Equivalents Calculation** Specter Co. combines cash and cash equivalents on the balance sheet. Using the information provided, determine the amount reported on the year-end balance sheet for cash and cash equivalents. **Items Listed:** - $16,000 cash deposit in checking account. - $46,000 bond investment due in 20 years. - $11,500 U.S. Treasury bill due in 1 month. - $850, 3-year loan to an employee. - $3,600 of currency and coins. - $1,150 of accounts receivable. **Graph/Diagram Explanation:** The table below outlines the categorization of each item for cash and cash equivalents: | Category | Amount | |---------------------------|----------------| | Checking account | | | Bond investment | | | U.S. Treasury bill | | | Loan to an employee | | | Currency and coins | | | Accounts receivable | | | **Cash and cash equivalents** | **$0** | **Explanation:** To determine the amount classified as cash and cash equivalents, identify which items meet the criteria for cash equivalents. Typically, cash equivalents are short-term, highly liquid investments with maturities of three months or less. **Included in Cash and Cash Equivalents:** - Checking account deposit ($16,000) - U.S. Treasury bill ($11,500 due in 1 month) - Currency and coins ($3,600) **Total Cash and Cash Equivalents:** - $16,000 + $11,500 + $3,600 = $31,100 Note: The bond investment, loan to an employee, and accounts receivable do not qualify as cash equivalents due to their longer-term nature or different categorization.
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Transcribed Image Text:**Specter Co. Cash and Cash Equivalents Calculation** Specter Co. combines cash and cash equivalents on the balance sheet. Using the information provided, determine the amount reported on the year-end balance sheet for cash and cash equivalents. **Items Listed:** - $16,000 cash deposit in checking account. - $46,000 bond investment due in 20 years. - $11,500 U.S. Treasury bill due in 1 month. - $850, 3-year loan to an employee. - $3,600 of currency and coins. - $1,150 of accounts receivable. **Graph/Diagram Explanation:** The table below outlines the categorization of each item for cash and cash equivalents: | Category | Amount | |---------------------------|----------------| | Checking account | | | Bond investment | | | U.S. Treasury bill | | | Loan to an employee | | | Currency and coins | | | Accounts receivable | | | **Cash and cash equivalents** | **$0** | **Explanation:** To determine the amount classified as cash and cash equivalents, identify which items meet the criteria for cash equivalents. Typically, cash equivalents are short-term, highly liquid investments with maturities of three months or less. **Included in Cash and Cash Equivalents:** - Checking account deposit ($16,000) - U.S. Treasury bill ($11,500 due in 1 month) - Currency and coins ($3,600) **Total Cash and Cash Equivalents:** - $16,000 + $11,500 + $3,600 = $31,100 Note: The bond investment, loan to an employee, and accounts receivable do not qualify as cash equivalents due to their longer-term nature or different categorization.
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