Question 14
At December 31 , 2004 , Kale Co . had the following balances in the accounts it maintains at First State Bank : Kale classifies investments with original maturities of three months or less as cash equivalents . In its December 31 , 2004 balance sheet , what amount should Kale report as cash and cash equivalents ?
Question 15
Gar Co . factored its receivables without recourse with Ross Bank . Gar received cash as a result of this transaction , which is best described as a
Question 16
A material overstatement in ending inventory was discovered after the year-end financial statements of a company were issued to the public . What effect did this error have on the year-end financial statements ?
Question 17
The following costs pertain to Den Co .' s purchase of inventory : What amount should Den record as the cost of inventory as a result of this purchase ?
Question 18
Loft Co . reviewed its inventory values for proper pricing at year-end . The following summarizes two inventory items examined for the lower of cost or market : What amount should