Queen Company consists of: Cash in Bank 9,000,000 Cash restricted for additions to plant (expected to be disbursed in 2019) 12,000,000 Petty cash funds (all funds were replenished on December 31, 2017) 120,000 Included in the cash in bank is a compensating balance of P3,000,000 against short term borrowing arrangements at December 31, 2017. The compensating balance is not legally restricted as to withdrawal by Mc Queen company. What is the correct cash balance of Mc Queen company on December 31, 2017?

Queen Company consists of: Cash in Bank 9,000,000 Cash restricted for additions to plant (expected to be disbursed in 2019) 12,000,000 Petty cash funds (all funds were replenished on December 31, 2017) 120,000 Included in the cash in bank is a compensating balance of P3,000,000 against short term borrowing arrangements at December 31, 2017. The compensating balance is not legally restricted as to withdrawal by Mc Queen company. What is the correct cash balance of Mc Queen company on December 31, 2017?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

8th Edition

ISBN:9781285065137

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter16: Financial Planning And Forecasting

Section: Chapter Questions

Problem 13P

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