The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash is referred to as .a. D. exchangeability O b. A. solvency .c. B. financial flexibility o d. C. liquidity a Garret Company owns the following investments Trading securities (fair value) $60,000 Available-for-sale securities (fair value) 35,000 Held-to-maturity securities (amortized cost) 47,000 Garret will report investments in its current assets section of .a. A $0 0 .b. B. exactly $60,000 O .C.D. exactly $95,000 O $60,000 or an amount greater than $60,000, depending on the circumstances o An example of an item which is not an element of working capital is .a. A. accrued interest on notes receivable O .b. D. temporary investments O c. B. goodwill o .d. C. goods in process o For Garret Wolfe Company, the following information is available Cost of goods sold $ 60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales 100,000 In Garret Wolfe's multiple-step income statement, gross profit .a. D. should be reported at $42,500 O .b. B. should be reported at $13,500 O c. A, should not be reported O .d. C. should be reported at $40,000