TRESE Co. provided the following information about the composition of its cash on December 31. 2020: · Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI. · Money market fund account held by Citibank that permits Eastern to write checks in this balance, P5,000,000. · Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction) · A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets. · Petty cash fund, P10,000 What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020 statement of financial position?
TRESE Co. provided the following information about the composition of its cash on December 31. 2020:
· Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI.
·
· Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction)
· A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets.
· Petty cash fund, P10,000
What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020
Step by step
Solved in 2 steps with 1 images
