1st Edition

ISBN: 9780132162302

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

Publisher: PEARSON

Concept explainers

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Textbook Question

Chapter 9, Problem 9.1MC

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

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

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

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Chapter 9, Problem 9.13Q

Chapter 9, Problem 9.2MC

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Chapter 9 Solutions

Intermediate Accounting

Ch. 9 - Prob. 9.1Q Ch. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3Q Ch. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - Prob. 9.8Q Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...

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Solution Summary: The author explains that cash is monetary value readily available for spending for the purpose of exchange of goods and services.

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