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General Corporation has the followi

General Corporation has the followi

FINANCIAL ACCOUNTING
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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General Corporation has the following restricted cash items reported on its balance sheet dated December 31, 2020: Bonds to be paid in full on January 1, 2022; $700,000 Warranty claims to be paid during 2021; 22,500 Workers compensation claims to be paid equally for the next 10 years: 2,000,000 Cleanup costs related to mine excavation to be completed by October 31, 2021. 1,500,000 What amount of restricted cash should General Corporation report as current assets? $2,422,500 $1,722,500 Ⓒ$4,222,500 $3,522,500
Transcribed Image Text:General Corporation has the following restricted cash items reported on its balance sheet dated December 31, 2020: Bonds to be paid in full on January 1, 2022; $700,000 Warranty claims to be paid during 2021; 22,500 Workers compensation claims to be paid equally for the next 10 years: 2,000,000 Cleanup costs related to mine excavation to be completed by October 31, 2021. 1,500,000 What amount of restricted cash should General Corporation report as current assets? $2,422,500 $1,722,500 Ⓒ$4,222,500 $3,522,500
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