Question - Lipkus Company has recorded the following items in its financial records.
Cash in bank
|
$47,000
|
Cash in plant expansion fund
|
100,000
|
Cash on hand
|
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?