Author Question: A hash total is the general term to describe the summation of data that would not normally be ... (Read 176 times)

cookcarl · **on:** Jul 5, 2018

A hash total is the general term to describe the summation of data that would not normally be totaled except for control purposes.
Indicate whether the statement is true or false

Question 2

Answer the following questions using the information obtained from one of X, Inc.'s financial statements:

Amounts are in millions December 31,
2012 2011
Cash and equivalents 2,808 1,815
Receivables:
Notes and accounts receivable (less allowance for bad debts
of 127 and 175) 2,873 2,909
Insurance for asbestos- and silica-related liabilities 1,066 96

a. On which financial statement is the above information found?
b. What is meant by cash equivalents?
c. Where could you look in the annual report to find more information about cash equivalents?
d. Does X, Inc. have significant credit sales? How can you tell?
e. Where could you look in the annual report to find more information about the receivables from insurance companies?
f. Did the receivables from insurance companies result from sales to insurance companies?

Jane · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

T

Answer to Question 2

a. Balance sheet
b. Cash equivalents are highly liquid investments with a maturity of three months or less that a firm can easily convert into a known amount of cash.
c. Notes to the financial statements
d. Yes. It has accounts receivable.
e. Notes to the financial statements
f. No