Additional information: • The cash on hand includes a post-dated check for P100,000 received from a customer and postal money order of P60,000 • The petty cash fund includes unreplenished vouchers for P10,000 and an accommodated check of P5,000 dated January 5, 2021 • A check for P300,000 had been written and recorded against the Metro Bank account on December 30, 2020 but the check was not mailed until January 2, 2021. • The Global Bank time deposit account is for the purchase of an adjacent land to be disbursed on March 31, 2021. What is the total cash and cash equivalents to be presented on the Statement of Financial Position on December 31, 2020?
Additional information: • The cash on hand includes a post-dated check for P100,000 received from a customer and postal money order of P60,000 • The petty cash fund includes unreplenished vouchers for P10,000 and an accommodated check of P5,000 dated January 5, 2021 • A check for P300,000 had been written and recorded against the Metro Bank account on December 30, 2020 but the check was not mailed until January 2, 2021. • The Global Bank time deposit account is for the purchase of an adjacent land to be disbursed on March 31, 2021. What is the total cash and cash equivalents to be presented on the Statement of Financial Position on December 31, 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The December 31, 2020 financial information of ADMIRABLE Company includes the
following balances appearing in the cash and cash equivalents section:
Cash on hand
P1,000,000
Petty cash fund
50,000
Payroll fund
200,000
Metro Bank current account
2,000,000
City Bank current account No. 1
800,000
City Bank current account No. 2
(150,000)
Certificate of deposits
300,000
Treasury bonds
500,000
BSP treasury bill-90 days
2,500,000
Global Bank time deposit
3,000,000
Additional information:
• The cash on hand includes a post-dated check for P100,000 received from a
customer and postal money order of P60,000
• The petty cash fund includes unreplenished vouchers for P10,000 and an
accommodated check of P5,000 dated January 5, 2021
• A check for P300,000 had been written and recorded against the Metro Bank
account on December 30, 2020 but the check was not mailed until January 2,
2021.
• The Global Bank time deposit account is for the purchase of an adjacent land to
be disbursed on March 31, 2021.
What is the total cash and cash equivalents to be presented on the Statement
of Financial Position on December 31, 2020?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4fb1ba4-715f-4024-81bb-16ba902778c5%2F2cc4c84d-2b76-4277-bc76-2963c4f990c1%2Flcpru9u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The December 31, 2020 financial information of ADMIRABLE Company includes the
following balances appearing in the cash and cash equivalents section:
Cash on hand
P1,000,000
Petty cash fund
50,000
Payroll fund
200,000
Metro Bank current account
2,000,000
City Bank current account No. 1
800,000
City Bank current account No. 2
(150,000)
Certificate of deposits
300,000
Treasury bonds
500,000
BSP treasury bill-90 days
2,500,000
Global Bank time deposit
3,000,000
Additional information:
• The cash on hand includes a post-dated check for P100,000 received from a
customer and postal money order of P60,000
• The petty cash fund includes unreplenished vouchers for P10,000 and an
accommodated check of P5,000 dated January 5, 2021
• A check for P300,000 had been written and recorded against the Metro Bank
account on December 30, 2020 but the check was not mailed until January 2,
2021.
• The Global Bank time deposit account is for the purchase of an adjacent land to
be disbursed on March 31, 2021.
What is the total cash and cash equivalents to be presented on the Statement
of Financial Position on December 31, 2020?
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