Why is cash the first asset listed in the balance sheet?

What is a cash equivalent?

MACY'S, INC. CONSOLIDATED BALANCE SHEETS (millions) February 1, 2020 February 2, 2019 ASSETS $ 685 409 5,188 528 6,810 1.162 400 5,263 620 7,445 6,637 6,633 2,668 3,908 439 714 21,172 3,908 478 726 19,194 $ Current Assets: Cash and cash equivalents Receivables Merchandise inventories Prepaid expenses and other current assets Total Current Assets Property and Equipment - net Right of Use Assets Goodwill Other Intangible Assets net Other Assets Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Short-term debt Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Total Current Liabilities Long-Term Debt Long-Term Lease Liabilities Deferred Income Taxes Other Liabilities Shareholders' Equity: Common stock (309.0 and 307.5 shares outstanding) Additional paid-in capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total Macy's, Inc. Shareholders' Equity Noncontrolling interest Total Shareholders' Equity Total Liabilities and Shareholders' Equity 43 1,655 3,366 168 539 1,682 3,448 81 5,750 3,621 2,918 1,169 1,337 5,232 4,708 1.238 1,580 3 652 3 621 7,989 (1.241 ) (995) 6,377 8,050 (1,318) (951) 6,436 6,377 21,172 6,436 19,194 $ The accompanying notes are an integral part of these Consolidated Financial Statements. F-8