NNN Company provided the following information with respect to its cash andcash equivalents on December 31,2020.Checking account at First Bank( 200,000 )Checking account at Second Bank3,500,000Treasury bondsPayroll account1,000,000500,000Value added tax account400,000Foreign bank account - restricted (in equivalent pesos)2,000,000Postage Stamps50,000Employee's Postdated checkIOU from president's brother300,000750,000Credit memo from a vendor for a purchase return80,000Traveler's check300,000Not-sufficient-fund check150,000in currencyand expense receipts for P20,000 )Petty cash fun ( P30, 00050,000Money order180,00015. What amount should be reported as unrestricted cash on December 31,2020?

Step 1 Unrestricted cash can be used for any purpose since it is not earmarked for a specific use…

Answered: 5. What amount should be reported as…

Business

Accounting

5. What amount should be reported as unrestricted cash on December 31,2020?

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

NNN Company provided the following information with respect to its cash and
cash equivalents on December 31,2020.
Checking account at First Bank
( 200,000 )
Checking account at Second Bank
3,500,000
Treasury bonds
Payroll account
1,000,000
500,000
Value added tax account
400,000
Foreign bank account - restricted (in equivalent pesos)
2,000,000
Postage Stamps
50,000
Employee's Postdated check
IOU from president's brother
300,000
750,000
Credit memo from a vendor for a purchase return
80,000
Traveler's check
300,000
Not-sufficient-fund check
150,000
in currency
and expense receipts for P20,000 )
Petty cash fun ( P30, 000
50,000
Money order
180,000
15. What amount should be reported as unrestricted cash on December 31,2020?

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Accounting for Cash and cash equivalents

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