1. The following data appear in the list that comprise the line item "Cash and Cash Equivalents" of ABC Company as of December 31, 2002. ABC Company classifies as cash equivalents financial instruments maturing within three months. • Cash in Metrobank, as reported at year-end, per books- P525,800 • Cash on hand- P88,250; Petty cash fund- P10,000 • Treasury bills purchased four months ago and maturing two months after the end of the reporting period- P50,000 • Treasury bills purchased a month ago and maturing one month after the end of the reporting period- P125,000 • Redeemable preference shares of ABC Company purchased four months ago and maturing one month after the end of the reporting period- P75,000 • Convertible preference shares of ABC Company purchased one month ago- P45,000 A review of the bank statement from Metrobank at December 31 shows that there are outstanding checks of P33,500; bank service charges for the month of December of P850; and a customer's DAIF check of P22,000. Cash on hand includes a customer's check dated January 10, 2021 in the amount of P7,500. Petty cash vouchers totaling P3,200 has not been replenished at year end. What is the correct total amount of cash and cash equivalents reported in ABC Company's December 31, 2002 statement of financial position?
1. The following data appear in the list that comprise the line item "Cash and Cash Equivalents" of ABC Company as of December 31, 2002. ABC Company classifies as cash equivalents financial
instruments maturing within three months.
• Cash in Metrobank, as reported at year-end, per books- P525,800
• Cash on hand- P88,250; Petty cash fund- P10,000
• Treasury bills purchased four months ago and maturing two months after the end of the reporting
period- P50,000
• Treasury bills purchased a month ago and maturing one month after the end of the reporting
period- P125,000
• Redeemable
one month after the end of the reporting period- P75,000
• Convertible preference shares of ABC Company purchased one month ago- P45,000
A review of the bank statement from Metrobank at December 31 shows that there are outstanding checks of P33,500; bank service charges for the month of December of P850; and a customer's DAIF check of P22,000. Cash on hand includes a customer's check dated January 10, 2021 in the amount of P7,500. Petty cash vouchers totaling P3,200 has not been replenished at year end.
What is the correct total amount of cash and cash equivalents reported in ABC Company's December 31, 2002
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