Question
At December 31, 2022, Company Y has the following balances in a bank: Checking account #1 $15,000 Checking account #2 (2,000) Money market account 25,000
At December 31, 2022, Company Y has the following balances in a bank:
| Checking account #1 | $15,000 | |
| Checking account #2 | (2,000) | |
| Money market account | 25,000 | |
| 90-day certificate of deposit, due 2/28/Y2 | 50,000 | |
| 180-day certificate of deposit, due 3/15/Y2 | 80,000 |
Company Y classifies investments with original maturities of three months or less as cash equivalents.
In its December 31, 2022 balance sheet, what would be the total cash and cash equivalents?
- A. $75,000
- B. $88,000
- C. $38,000
- D. $40,000
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
