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What amount should flip report as cash

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Reference no: EM132021197

Problem - Flip Co. had the following balances at December 31, 2015:

Cash in checking account $35,000

Cash in money market account 75,000

US Treasury bill, purchased 12/1/2015, maturing 3/31/2016 350,000

US Treasury bill, purchased 11/1/2015, maturing 1/31/2016 400,000

Flip's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased. What amount should Flip report as cash and cash equivalents in its December 31, 2015 balance sheet?

Reference no: EM132021197

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