Question 4 (0.25 points) Which of the following is not true with respect to the reporting of cash? Restricted cash can be either a current or a non-current asset, depending on when it is expected to be used. Compensating balances are normally combined with cash and reported as a current asset. Cash equivalents are normally combined with cash and reported as a current asset. Compensating balances are minimum cash balances required by the bank. Question 7 (0.25 points) ClearEyes Inc.reported beginning inventory of $20,000. During the period, purchases were $140,000: purchase returns, $4,000; and freight in $10,000. A physical count of inventory at the end of the period revealed that $30,000 was still on hand. The cost of goods available for sale was $184.000 $156,000 $164,000 $ 166,000 Previous Page Next Page Page 7 of 20 Question 8 (0.25 points) The account Allowance for Uncollectible Accounts is classified as a(n) expense. liability contra account to Bad Debts Expense. contra account to Accounts Receivable