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The following are held by YRT Corporation at December 31,

The following are held by YRT Corporation at December 31, Year 1: YRT Corporation classifies investments with

Question:

The following are held by YRT Corporation at December 31, Year 1:

YRT Corporation classifies investments with original maturities of three months or less as cash equivalents. In its December 31, Year 1, balance sheet, what amount should YRT Corporation report as cash and cash equivalents?
a. $ 15,250
b. $ 55,250
c. $ 55,600
d. $ 151,250

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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Cash in checking account Petty cash Check from customer dated 01/31/Year 2 3-month Certificate of Deposit, due 01/15/Year 2 12-month Certificate of Deposit, due 02/28/Year 2 Cash in bond sinking fund account $15000 250 350 40,000 36,000 60,000

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Choice b is correct YRT Corporation should report 55250 as cash and cash e...View the full answer

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Intermediate Accounting

ISBN: 978-0132162302

1st edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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Question Posted: Nov 24, 2015 04:48 AM

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