Occidental Petroleum Corporation reported the following information in a recent annual report.
(a)What items other than coin and currency may be included in â€œcashâ€?
(b)What items may be included in â€œcash equivalentsâ€?
(c)What are compensating balance arrangements, and how should they be reported in financial statements?
(d)What are the possible differences between cash equivalents and short-term (temporary) investments?
(e)Assuming that the sale agreement meets the criteria for sale accounting, cash proceeds were $345 million, the carrying value of the receivables sold was $360 million, and the fair value of the recourse liability was $15 million, what was the effect on income from the sale of receivables?
(f)Briefly discuss the impact of the transaction in (e) on Occidentalâ€s liquidity.
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