Cash and cash equivalent on balance sheet

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Reference no: EM13794752

1. Refer to the following information.

2010 inventory at end of year prices is $100,000 index is 1.00

2011 inventory at end of year prices is $120,000 index is 1.10

2012 inventory at end of year prices is $130,000 index is 1.15

2013 inventory at end of year prices is $110,000 index is 1.20

How much is 2013 dollar value LIFO inventory?

A. $132,000

B. $126,500

C. $111,500

D. None of the above

2. The ABC Company reported $350,000in cash and cash equivalent on their 12/31/2014 balance sheet. Which of the following would not be included in the $350,000 balance?

A. Petty Cash of $200

B. Cash of $40,000 held in bank as compensating balance

C. A $10,000 CD that matures on January 15, 2015

D. All of the above would be included in the $350,000

3. The ABC Company factored, without recourse, $40,000 of accounts receivable to the Last National Bank. The Bank charges a 10% fee and 5% for allowances for bad debts. How much cash will ABC receive?

A. $40,000

B. $32,000

C. $34,000

D. None of the above

Reference no: EM13794752

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