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.
- Lease assets.
- Deferred compensation.
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