Garfield Company had the following cash balances at December 31, 2020: Undeposited coin and currency P 35,000 Unrestricted demand deposit 1,450,000 Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until (January 2)  270,000 Time deposits restricted for use (expected use in 2021) 3,000,000 In exchange for a guaranteed line of credit, Garfield has agreed to maintain balance of P 150,000 in its unrestricted demand deposit account.   How much should Garfield report “Cash” in its December 31, 2020, statement of financial position?

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Garfield Company had the following cash balances at December 31, 2020:

Undeposited coin and currency P 35,000
Unrestricted demand deposit 1,450,000
Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until (January 2)  270,000
Time deposits restricted for use (expected use in 2021) 3,000,000

In exchange for a guaranteed line of credit, Garfield has agreed to maintain balance of P 150,000 in its unrestricted demand deposit account.

 

How much should Garfield report “Cash” in its December 31, 2020, statement of financial position?

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