Phillip Company provided the following information with respect to its cash and cash equivalents on December 31, 2021: Checking account at First Bank - (200,000) Checking account at Second Bank - 3,500,000 Treasury bonds - 1,000,000 Payroll account - 500,000 Value added tax account - 400,000 Foreign bank account - restricted (in equivalent pesos) - 2,000,000 Postage stamps - 50,000 Employee's postdated check - 300,000 IOU from president's brother - 750,000 Credit memo from a vendor for a purchase return - 80,000 Traveler's check - 300,000 Not-sufficient-fund check - 150,000 Petty cash fund (P20,000 in currency and expense receipts for P30,000) - 50,000 Money order - 180,000 What amount should be reported as unrestricted cash on December 31, 2021?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Phillip Company provided the following information with respect to its cash and cash
equivalents on December 31, 2021:
Checking account at First Bank - (200,000)
Checking account at Second Bank - 3,500,000
Treasury bonds - 1,000,000
Payroll account - 500,000
Value added tax account - 400,000
Foreign bank account - restricted (in equivalent pesos) - 2,000,000
Postage stamps - 50,000
Employee's postdated check - 300,000
IOU from president's brother - 750,000
Credit memo from a vendor for a purchase return - 80,000
Traveler's check - 300,000
Not-sufficient-fund check - 150,000
Petty cash fund (P20,000 in currency and expense receipts for P30,000) - 50,000
Money order - 180,000
What amount should be reported as unrestricted cash on December 31, 2021?
Transcribed Image Text:Phillip Company provided the following information with respect to its cash and cash equivalents on December 31, 2021: Checking account at First Bank - (200,000) Checking account at Second Bank - 3,500,000 Treasury bonds - 1,000,000 Payroll account - 500,000 Value added tax account - 400,000 Foreign bank account - restricted (in equivalent pesos) - 2,000,000 Postage stamps - 50,000 Employee's postdated check - 300,000 IOU from president's brother - 750,000 Credit memo from a vendor for a purchase return - 80,000 Traveler's check - 300,000 Not-sufficient-fund check - 150,000 Petty cash fund (P20,000 in currency and expense receipts for P30,000) - 50,000 Money order - 180,000 What amount should be reported as unrestricted cash on December 31, 2021?
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