Answer/comment on each of the following items:
1. Why are reformulated statements needed to discover operating profitability?
2. Classify each of the following as a financial asset or an operating asset:

  • Cash in checking account used to pay bills.
  • Accounts receivable.
  • Finance receivables for an automobile firm.
  • Cash in 90-day interest-bearing deposits (cash equivalents).
  • Debt investments held to maturity.
  • Short-term equity investments.
  • Long-term equity investments held to maturity.
  • Goodwill.
  • Lease assets.
  • Deferred compensation.
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