Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 8.00

Lipkus Company

Lipkus Company has recorded the following items in its financial records.
Cash in bank……………………..$ 47,000
Cash in plant expansion fund…… 100,000
Cash on hand…………………… 12,000
Highly liquid investments………. 34,000
Petty cash……………………….. 500
Receivables from customers…….. 89,000
Stock investments………………. 61,000
The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. 
Instructions
(a) What amount should Lipkus report as ?oCash and cash equivalents?? on its balance sheet?
(b) Where should the items not included in part (a) be reported on the balance sheet?
(c) What disclosures should Lipkus make in its financial statements concerning ?ocash and cash equivalents???

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 12:07 PM My Price 8.00

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