Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 7 - Cash and Receivables - Questions - Page 4004: 2h

Answer

Investments, or other assets

Work Step by Step

Cash to be used for retirement of long-term bonds refers to money that will be used to buy back previously issued bonds and is therefore classified as an investment if expected to happen within the next one year. If not, this may be classified as other assets.
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