Homework Help is Here – Start Your Trial Now!
Business
Accounting
14. How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?

14. How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

14. How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?

The following data pertain to CPA Corporation on December 31, 2020: in PH Pesos in US Dollars in Euros P850,000.00 645,000.00 Savings account at UCPB Payroll account at Unionbank Certificate of deposit with Bank of Acer, due 1/30/21 (Purchased 8/31/20) Current account maintained at UCPB Foreign bank account A 3-month treasury bill Deferred tax assets Foreign bank account B Unused office stationery supplies IOU from employees Savings account with Metrobank, earmarked for the purchase of a Boiler Equipment due for delivery on 2 May 2021 Manager's checks 5-month treasury bills Cashier's checks Sinking fund for plant expansion Not sufficient fund check of Fe Prime, a customer Customer's check dated 2/15/21 Certificate of deposit with Bank HDY, due 1/15/21 (Purchased on 2nd of December 2020) Petty cash fund 140,000.00 (200,000.00) $4,800.00 300,000.00 130,500.00 5,000 4,000.00 20,000.00 900,000.00 70,500.00 230,000.00 150,000.00 1,300,000.00 18,800.00 30,000.00 180,000.00 10,000.00 Notes: • Exchange rates as of 12.31.2020 is P51.80:USS1.00, P58.10:EUR1.00 • The petty cash fund includes expense receipts for miscellaneous expenses for P3,800 How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
Transcribed Image Text:The following data pertain to CPA Corporation on December 31, 2020: in PH Pesos in US Dollars in Euros P850,000.00 645,000.00 Savings account at UCPB Payroll account at Unionbank Certificate of deposit with Bank of Acer, due 1/30/21 (Purchased 8/31/20) Current account maintained at UCPB Foreign bank account A 3-month treasury bill Deferred tax assets Foreign bank account B Unused office stationery supplies IOU from employees Savings account with Metrobank, earmarked for the purchase of a Boiler Equipment due for delivery on 2 May 2021 Manager's checks 5-month treasury bills Cashier's checks Sinking fund for plant expansion Not sufficient fund check of Fe Prime, a customer Customer's check dated 2/15/21 Certificate of deposit with Bank HDY, due 1/15/21 (Purchased on 2nd of December 2020) Petty cash fund 140,000.00 (200,000.00) $4,800.00 300,000.00 130,500.00 5,000 4,000.00 20,000.00 900,000.00 70,500.00 230,000.00 150,000.00 1,300,000.00 18,800.00 30,000.00 180,000.00 10,000.00 Notes: • Exchange rates as of 12.31.2020 is P51.80:USS1.00, P58.10:EUR1.00 • The petty cash fund includes expense receipts for miscellaneous expenses for P3,800 How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS