Cook co. had the following balances at december 31, year 1:
cash in checking account $350,000
cash in money-market account 250,000 u. s.
treasury bill, purchased 12/1/yr 1, maturing 2/28/yr 2 800,000 u. s.
treasury bond, purchased 3/1/yr 1, maturing 2/28/yr 2 500,000
cook’s policy is to treat as cash equivalents all highly liquid investments with a maturity of 3 months or less when purchased.
what amount should cook report as cash and cash equivalents in its december 31, year 1, balance sheet?

Telecom co. enters into a two-year contract with a customer to provide wireless service (voice and data) for $40 per month. to induce customers, telecom co. provides a free phone. telecom co. normally sells the phone on a stand-alone basis for $200. telecom co. also charges the customer a one-time activation fee of $35.which of the following is true? a) there are two distinct performance obligations: the voice service and the data service b) the free phone constitutes as a marketing expense c) the activation fee is a separate performance obligationd) there are two distinct performance obligations: the wireless services and the phone