you were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions: Change fund P30,000 Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000 Cash in bank 8,000,000 Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000 Treasury bills - 45 days 500,000 Pension fund 2,500,000 Time deposit - 60 days 800,000 Money market placement due on April 30, 2024 500,000 The cash in bank is composed of the following: - Savings account - P2,000,000 - Current account - P1,500,000 - Sinking fund - P3,500,000 (for settlement of preference shares due on March 31, 2024) - Savings account - P1,000,000 (restricted account for plant expansion and expected to be disbursed in 2024) Check of P70,000 representing payment to a supplier was dated and recorded on December 31, 2023 but mailed to creditors on February 14, 2024. Collection amounting to P85,000 was collected on January 15, 2024 and included as part of cash on hand. Question: On December 31, 2023, what total amount should be reported as cash and cash equivalents? a. P5,030,000 b. P5,130,000 c. P5,230,000 d. P5,630,000
you were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions:
Change fund P30,000
Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000
Cash in bank 8,000,000
Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000
Treasury bills - 45 days 500,000
Pension fund 2,500,000
Time deposit - 60 days 800,000
Money market placement due on April 30, 2024 500,000
The cash in bank is composed of the following:
- Savings account - P2,000,000
- Current account - P1,500,000
- Sinking fund - P3,500,000 (for settlement of
- Savings account - P1,000,000 (restricted account for plant expansion and expected to be disbursed in 2024)
Check of P70,000 representing payment to a supplier was dated and recorded on December 31, 2023 but mailed to creditors on February 14, 2024.
Collection amounting to P85,000 was collected on January 15, 2024 and included as part of cash on hand.
Question:
On December 31, 2023, what total amount should be reported as cash and cash equivalents?
a. P5,030,000
b. P5,130,000
c. P5,230,000
d. P5,630,000
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