Cash in Metrobank 1,875,000 Cash in BPI 200,000 Cash on hand (includes a customer's check for P15,000 dated Jan 5, 2022) Cash restricted for acquisition of machinery 125,000 (expected to be disbursed in 2022) 1,600,000 Cash in Metrobank include P300,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal by the company. In the current asset section of ABC Company's Dec 31, 2021 statement of financial position, total cash should be reported at

Cash in Metrobank 1,875,000 Cash in BPI 200,000 Cash on hand (includes a customer's check for P15,000 dated Jan 5, 2022) Cash restricted for acquisition of machinery 125,000 (expected to be disbursed in 2022) 1,600,000 Cash in Metrobank include P300,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal by the company. In the current asset section of ABC Company's Dec 31, 2021 statement of financial position, total cash should be reported at

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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