Question - Lipkus Company has recorded the following items in its financial records.
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Cash in bank
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$47,000
|
|
Cash in plant expansion fund
|
100,000
|
|
Cash on hand
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12,000
|
|
Highly liquid investments
|
34,000
|
|
Petty cash
|
500
|
|
Receivables from customers
|
89,000
|
|
Stock investments
|
61,000
|
The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years.
What amount should Lipkus report as "Cash and cash equivalents" on its balance sheet?