ollectible immediately) = P23,440. ·       Cash = P10,000. ·       Common stocks of Entity Z, one of the most traded assets in Country A’s stock exchange, purchased by the airline to speculate = P2,715. ·       Oil Price derivative entered into by the entity to hedge the commodity price risk of the anticipated future purchase of oil for use in the entity’s operating business = P6,720. ·       A gold price derivative entered into by the

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
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
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The statement of financial position of a company presents following financial assets at December 31,2021:

·       Bank cheque account = P58,400.
·       Bank savings account (collectible immediately) = P23,440.
·       Cash = P10,000.
·       Common stocks of Entity Z, one of the most traded assets in Country A’s stock exchange, purchased by the airline to speculate = P2,715.
·       Oil Price derivative entered into by the entity to hedge the commodity price risk of the anticipated future purchase of oil for use in the entity’s operating business = P6,720.
·       A gold price derivative entered into by the entity to speculate = P9,880
·       Treasury bonds issued by the government of Country A – P8,500. The entity acquired the bonds from the government one week before entity’s reporting date. The bonds mature 2 months after the date of acquisition (ie they are two-month bonds from the date of issue).
·       Treasury bonds issued by the government of Country A = P6,300. The entity acquired those bonds from the government in the previous annual reporting date. The bonds mature 15 months after the date of acquisition (ie they are 15-month bonds).

In the absence of evidence to the contrary, the entity’s total cash and cash equivalent at December 31,2021 is:

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