Problem

Explain how each of the following items is reported in a complete set of financial stateme...

Explain how each of the following items is reported in a complete set of financial statements, in­cluding the accompanying notes. (In one or more cases, the item may not appear in the financial statements.) The answer to the first item is provided as an example.

a. Cash equivalents.


b. Cash in a special fund being accumulated as legally required for the purpose of retiring a spe­cific long-term liability.


c. Compensating balances.


d. The amount by which the current market value of securities classified as available for sale exceeds their cost.


e. The Allowance for Doubtful Accounts.


f. The accounts receivable turnover rate.


g. Realized gains and losses on investments sold during the period.


h. Proceeds from converting cash equivalents into cash.


i. Proceeds from converting investments in marketable securities into cash.

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