Please answer ty For the next two (2) questions:ABC Company had the following items being considered as cash and cash equivalents on December 31, 2021:Cash on handP500,000Petty cash fund (replenished on December 31, 2021)X Bank current account20,0001,000,000Y Bank current account No. 1400,000(50,000)3,000,000Y Bank current account No. 2BSP treasury bill - 60 daysZ Bank time deposit - 30 days2,000,000Additional information:• The cash on hand included a customer postdated check of P100,000 and postal money order of P40,000.A check for P200,000 was drawn and recorded against X Bank account dated December 15, 2021, but mailed to thepayee on January 5, 2022.• The BSP treasury bill was purchased on December 1, 2021.• The Z time deposit was purchased on December 15, 2021 and is set aside for acquisition of land in 2022.331 Whattatalamount-ef cach should-be reportertrbecember 1, 2020234) What total amount of cash equivalents should be reported on December 31, 2020?

We know that cash and cash equivalent are the most liquid assets. Cash equivalent are the short term…

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Business

Finance

answe

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.9MCE

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