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Brief Exercise 4-36 Cash Reporting
Richter Industries has the following items:
Currency $27,500
Customer checks that have not deposited 850
U.S. government bonds that originally maturing in 3 months 11,000
U.S. government bonds that originally maturing in 12 months 14,000
Cash in saving and checking 50,000
Certificates of deposits that originally maturing in 18 months 47,000
Required:
How much should Richter report as cash and equivalents on its balance sheet?
Concept Introduction:
Cash and Cash Equivalents:
Cash is the category that includes currency, coins, and deposits in bank accounts. Cash Equivalent is the category which includes short term and highly liquid assets which are readily convertible into cash. Liquidity is the term used for company’s ability of payoff its liabilities.
To Calculate:
The amount of cash and Cash Equivalent.
The amount of cash and Cash Equivalent is calculated as follows:
Currency $27,500
Customer’s checks  $850
Government Bonds (3months) $11,...
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