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An entity provided the following data on December 31, 2020:   Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00   What amount should be reported as cash and cash equivalents on December 31, 2020?

An entity provided the following data on December 31, 2020:   Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00   What amount should be reported as cash and cash equivalents on December 31, 2020?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 30E
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An entity provided the following data on December 31, 2020:

 

Checkbook balance

₱ 5,000,000.00

Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021

1,500,000.00

Cash in sinking fund

1,500,000.00

Treasury bills, purchased November 1, 2020 and maturing January 31, 2021

2,500,000.00

Time deposit, purchased October 1, 2020 and maturing January 31, 2021

3,500,000.00

 

What amount should be reported as cash and cash equivalents on December 31, 2020?

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