AA Company had the following items in its "Cash and cash equivalents account as of December 31, 2022: Cash on hand P150,000 Petty cash fund- including P5,500 unreplenished vouchers dated December 29, 2022-P3,000 December 30, 2022-P1,000 and P1,500 dated January 2, 2023. 15,050 Cash in foreign bank- unrestricted ($12,500; average rate - P50, closing rate-P52) 625,000 Cash restricted for additions to plant (to be disbursed in 2025) 900,000 Bank time deposit lacquired 12/25/2022, due in 2/1/2023) 250,000 Cash in bank- to be used for payment of 2023 dividends 870,000 How much should be reported as cash and cash equivalents as of December 31, 2022?
AA Company had the following items in its "Cash and cash equivalents account as of December 31, 2022: Cash on hand P150,000 Petty cash fund- including P5,500 unreplenished vouchers dated December 29, 2022-P3,000 December 30, 2022-P1,000 and P1,500 dated January 2, 2023. 15,050 Cash in foreign bank- unrestricted ($12,500; average rate - P50, closing rate-P52) 625,000 Cash restricted for additions to plant (to be disbursed in 2025) 900,000 Bank time deposit lacquired 12/25/2022, due in 2/1/2023) 250,000 Cash in bank- to be used for payment of 2023 dividends 870,000 How much should be reported as cash and cash equivalents as of December 31, 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
AA Company had the following items in its "Cash and cash equivalents account as of December 31, 2022:
Cash on hand
P150,000
Petty cash fund- including P5,500 unreplenished vouchers dated December 29, 2022-P3,000 December 30, 2022-P1,000 and P1,500 dated January 2, 2023.
15,050
Cash in foreign bank- unrestricted ($12,500; average rate - P50, closing rate-P52)
625,000
Cash restricted for additions to plant (to be disbursed in 2025)
900,000
Bank time deposit lacquired 12/25/2022, due in 2/1/2023)
250,000
Cash in bank- to be used for payment of 2023 dividends
870,000
How much should be reported as cash and cash equivalents as of December 31, 2022?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education