1. Violet Company had the following cash balances at December 31, 2017: Cash in banks Petty cash funds (all funds were refmbursed on December 31, 2017) Cash restricted for additions to plant (expected to be disbursed In 2018) P375,000 5,000 500,000 Cash in banks includes P125, 000 of compensating balances against short-term borrowing arrangements at December 31, 2017. The compensating balances are legally restricted to withdrawal by Violet. In the current asset section of Vlolet's December 31, 2017, balance sheet, what total amount should be reported as Cash?

1. Violet Company had the following cash balances at December 31, 2017: Cash in banks Petty cash funds (all funds were refmbursed on December 31, 2017) Cash restricted for additions to plant (expected to be disbursed In 2018) P375,000 5,000 500,000 Cash in banks includes P125, 000 of compensating balances against short-term borrowing arrangements at December 31, 2017. The compensating balances are legally restricted to withdrawal by Violet. In the current asset section of Vlolet's December 31, 2017, balance sheet, what total amount should be reported as Cash?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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