Jungkook Company reported a cash balance of P3,310,476 on December 31, 2020. The amount consists of the following: • Petty cash fund (including expense receipts for P 2,340)- P10,000 • Checking account in BDO (outstanding checks at Dec. 31, P26,780)- P286,230 • Cash on hand, including a customer’s check of P4,750 dated January 15, 2021- P38,246 • Cash in bank, General account, net of P12,000 bank overdraft in another bank’s account- P284,000 • Cash in bank, payroll account, net of P 8,500 check dated December 26, but undelivered as of December 31, 2020- P225,000 • Sinking fund cash- P1,567,000 • Short-term treasury bills- P120,000 • Cash surrender value of life insurance- P780,000 At what amount should cash and cash equivalents of Jungkook reported on December 31, 2020?
Jungkook Company reported a cash balance of P3,310,476 on December 31, 2020. The amount consists
of the following:
• Petty cash fund (including expense receipts for P 2,340)- P10,000
• Checking account in BDO (outstanding checks at Dec. 31, P26,780)- P286,230
• Cash on hand, including a customer’s check of P4,750 dated January 15, 2021- P38,246
• Cash in bank, General account, net of P12,000 bank overdraft in another bank’s account- P284,000
• Cash in bank, payroll account, net of P 8,500 check dated December 26, but undelivered as of
December 31, 2020- P225,000
• Sinking fund cash- P1,567,000
• Short-term treasury bills- P120,000
• Cash surrender value of life insurance- P780,000
At what amount should cash and cash equivalents of Jungkook reported on December 31, 2020?
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