Problem 3: Cash Valuation/Computation Maldeta Corporation has supplied you with the following list of its bank accounts and cash at December 31, 2019. Checking account (Compensating balance of P15,000 with no restriction) 48,000 Savings account, 2% 30,000 Certificate of deposit, 6 months, 10%, due April 20, 2020 60,000 Money market (30 day certificate, current rate 9.75%) 40,000 Payroll account 20,000 Certificate of deposit, 3 months, 10%, due February 15, 2020 75,000 Petty cash 1,500 Requirement: What should be the balance should be reported as Cash and Cash Equivalents in December 31, 2019 statement of financial position of MAldeta Company?
Problem 3: Cash Valuation/Computation Maldeta Corporation has supplied you with the following list of its bank accounts and cash at December 31, 2019. Checking account (Compensating balance of P15,000 with no restriction) 48,000 Savings account, 2% 30,000 Certificate of deposit, 6 months, 10%, due April 20, 2020 60,000 Money market (30 day certificate, current rate 9.75%) 40,000 Payroll account 20,000 Certificate of deposit, 3 months, 10%, due February 15, 2020 75,000 Petty cash 1,500 Requirement: What should be the balance should be reported as Cash and Cash Equivalents in December 31, 2019 statement of financial position of MAldeta Company?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 50BE: Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...
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Problem 3: Cash Valuation/Computation
Maldeta Corporation has supplied you with the following list of its bank accounts and cash at December 31, 2019.
Checking account (Compensating balance of P15,000 with no restriction)
|
48,000 | |
Savings account, 2% | 30,000 | |
Certificate of deposit, 6 months, 10%, due April 20, 2020 | 60,000 | |
40,000 | ||
Payroll account | 20,000 | |
Certificate of deposit, 3 months, 10%, due February 15, 2020 | 75,000 | |
Petty cash | 1,500 |
Requirement:
What should be the balance should be reported as Cash and Cash Equivalents in December 31, 2019 statement of financial position of MAldeta Company?
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