Oust the Turtle Company had the following account balances on December 31, 2020: Cash in bank A - rank and file payroll account 200,000 Cash in bank B - savings account 123,456 Cash in bank C - checking account 2,500,555 Cash in bank D - savings account 2,000 Cash in bank E - checking account 676,777 Cash in bank F - managerial payroll account 711,711 Cash in bank E was set aside for plant expansion planned to start on January 15, 2021. Cash in bank C was used on February 14, 2021 to buy land. How much should be reported as cash on December 31, 2020?
Question:
Oust the Turtle Company had the following account balances on December 31, 2020:
Cash in bank A - rank and file payroll account 200,000
Cash in bank B - savings account 123,456
Cash in bank C - checking account 2,500,555
Cash in bank D - savings account 2,000
Cash in bank E - checking account 676,777
Cash in bank F -
Cash in bank E was set aside for plant expansion planned to start on January 15, 2021.
Cash in bank C was used on February 14, 2021 to buy land.
How much should be reported as cash on December 31, 2020?
(Please include solution because this was given by our prof., thank you in advance tutor!
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