The accountant of Jepjep Holdings presented the following account balances as ofDecember 31, 2021:Cash in bank - Checking,P2,600,000Cash in bank - Savings, P700,000Cash on hand, P300,000Cash in bank - restricted, P2,000,000Treasury bills, P3,000,000The restricted cash in bank account is opened specifically for building constructionexpected to be disbursed in Q1 2022. The cash on hand includes a P100,000 checkpayable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings,what amount of "cash and cash equivalents" should be reported as of December 31,2021?

Cash and cash equivalents: Cash and cash equivalents are those term assets that are either in cash…

Answered: The accountant of Jepjep Holdings…

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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49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?
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