Solution-What amount lipkus report as cash and cash

What amount lipkus report as cash and cash equivalents

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Reference no: EM131796034

Question - Lipkus Company has recorded the following items in its financial records.

Cash in bank	$47,000
Cash in plant expansion fund	100,000
Cash on hand	12,000
Highly liquid investments	34,000
Petty cash	500
Receivables from customers	89,000
Stock investments	61,000

The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years.

What amount should Lipkus report as "Cash and cash equivalents" on its balance sheet?

Reference no: EM131796034

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What amount lipkus report as cash and cash equivalents

Reference no: EM131796034

Reference no: EM131796034

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