E5-1B (Balance Sheet Classifications) Presented below are a number of balance sheet accounts of
Work in Process.
Investment in Prefe
E7-1B (Determining Cash Balance) The controller for Clair Co. is attempting to determine the amount
of cash to be reported on its December 31, 2012, balance sheet. The following information is pro
Cash And Receivables
What is cash?
Summary of cash-related items.
What is Cash?
Most liquid asset.
Standard medium of exchange.
Basis for measuring and accounting for all items.
Examples: coin, curren
The Balance Sheet And The
Statement of Cash Flows
Additional information reported
Techniques of disclosure
Usefulness of the Balance Sheet:
The balance sheet reports the assets, liabilities,
F I F T E E N T H
E D I T I O N
University of California Santa Barbara
University of California, Santa Barb