Metropolis Industries invested its excess cash in the following instruments during December 2017: Certificate of deposit, due
Question:
Metropolis Industries invested its excess cash in the following instruments during December 2017:
Certificate of deposit, due January 31, 2018 ................................$ 35,000
Certificate of deposit, due June 30, 2018 .........................................95,000
Investment in City of Elm bonds, due May 1, 2019 .........................15,000
Investment in Quantum Data stock ..................................................66,000
Money market fund ..........................................................................105,000
90-day Treasury bills ...........................................................................75,000
Treasury note, due December 1, 2018 ...........................................200,000
Required
Determine the amount of cash equivalents that should be combined with cash on the company's balance sheet at December 31, 2017, and for purposes of preparing a statement of cash flows for the year ended December 31, 2017.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Investments made during December 2017 that qualif...View the full answer
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
