Queen Company consists of: Cash in Bank 9,000,000 Cash restricted for additions to plant (expected to be disbursed in 2019) 12,000,000 Petty cash funds (all funds were replenished on December 31, 2017) 120,000 Included in the cash in bank is a compensating balance of P3,000,000 against short term borrowing arrangements at December 31, 2017. The compensating balance is not legally restricted as to withdrawal by Mc Queen company. What is the correct cash balance of Mc Queen company on December 31, 2017?

Queen Company consists of: Cash in Bank 9,000,000 Cash restricted for additions to plant (expected to be disbursed in 2019) 12,000,000 Petty cash funds (all funds were replenished on December 31, 2017) 120,000 Included in the cash in bank is a compensating balance of P3,000,000 against short term borrowing arrangements at December 31, 2017. The compensating balance is not legally restricted as to withdrawal by Mc Queen company. What is the correct cash balance of Mc Queen company on December 31, 2017?

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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