**Cash Equivalents Overview**- Readily convertible to known amounts of cash- So near to maturity there is little risk that their value will change if interest rates change---**Knowledge Check 01**A company reports the following information as of December 31, Year 1:| Description | Amount ||----------------------------------------------------------|-----------|| Cash and currency in cash registers | $50,000 || Investment in debt security on December 31, Year 1 that matures on February 1, Year 2 | $25,000 || Investment in equity security | $20,000 || Checking account balance | $10,000 || Petty cash | $1,000 |**What is the amount of cash and cash equivalents that will be reported on the company’s balance sheet at December 31, Year 1?***Cash and cash equivalents:* \_\_\_\_\_\_\_\_\_(Note: The concept of cash equivalents typically includes items that are easily convertible to cash, such as short-term investments with maturities of three months or less at time of purchase, which may impact the answer.)

Introduction Cash and cash equivalents: Cash refers to cash in hand, coins and currency, checking…

Knowledge Check 01 A company reports the following information as of December 31, Year 1: Cash and currency in cash registers Investment in debt security on December 31, Year 1 that matures on February 1, Year 2 Investment in equity security Checking account balance Petty cash $50,000 25,000 10,000 20,000 1,000 What is the amount of cash and cash equivalents that will be reported on the company's balance shéet at December 31, Year 1? Cash and cash equivalents

Knowledge Check 01 A company reports the following information as of December 31, Year 1: Cash and currency in cash registers Investment in debt security on December 31, Year 1 that matures on February 1, Year 2 Investment in equity security Checking account balance Petty cash $50,000 25,000 10,000 20,000 1,000 What is the amount of cash and cash equivalents that will be reported on the company's balance shéet at December 31, Year 1? Cash and cash equivalents

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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Topic: Cash and Cash Equivalents / Intermediate Accounting 1
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