Question

Cash equivalents would not include: Multiple Choice U.S. treasury bills. Bank drafts. Money market funds. Cash...

Cash equivalents would not include:

Multiple Choice

  • U.S. treasury bills.

  • Bank drafts.

  • Money market funds.

  • Cash not available for current operations.

Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021:

Accounts receivable $13,200
Inventory 40,000
Patent 13,700
Investments 31,900
Prepaid insurance 6,100
Notes receivable, due 2024 51,400

Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson’s December 31, 2021, balance sheet?

Multiple Choice

  • $91,200.

  • $139,550.

  • $56,250.

  • $88,150.

Notes payable that are due in two years are:

Multiple Choice

  • Long-term liabilities.

  • Long-term investments.

  • Current liabilities.

  • Long-term intangible assets.

Patents, copyrights, franchises, and trademarks are examples of:

Multiple Choice

  • Intangible assets.

  • Investments.

  • Current assets.

  • Property, plant and equipment.

Current assets include cash and all other assets expected to become cash or be consumed:

Multiple Choice

  • Within one year or one operating cycle, whichever is shorter.

  • Within one operating cycle.

  • Within one year or one operating cycle, whichever is longer.

  • Within one year.

Business   Accounting   
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Answer #1

Cash equivalents would not include Cash not available for current operations.

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Current assets = Accounts receivable + Inventory + Investments + Prepaid insurance

= $13,200 + $40,000 + $31,900 + $6,100

= $91,200

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Notes payable that are due in two years are Long term liabilities

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Patents, copyrights, franchises and trademarks are examples of Intangible assets

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Current assets include cash and all other assets expected to become cash or be consumed within one year or one operating cycle, whichever is longer.

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