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Kaniper Company has the following items at year-end:Cash in bank: $35,000Petty cash: $500Short-term paper with maturity of 2 month: $8,200Postdated checks: $2,100Kaniper should report cash and cash equivalents
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Kaniper Company has the following items at year-end:Cash in bank: $35,000Petty cash: $500Short-term paper with maturity of 2 month: $8,200Postdated checks: $2,100Kaniper should report cash and cash equivalents of:a. $35,000.b. $35,500.c. $43,700.d. $45,800.

User Rex Rex
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1 Answer

4 votes

Answer:

$43,700

Step-by-step explanation:

Cash equivalents are short-term assets that are readily and easily convertible into cash. Being highly liquid, they are typically mature in a maximum of three months.

Petty cash for Kaniper Company

= $ 35,000 + $500 + $8,200

= $43,700

User Cristiano
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4.5k points
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