The December 31,2020 trial balance of DDD Company includes the followingaccounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill – 60 days 6,000,000 BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021. ● A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020. ● The BPI time deposit is set aside for acquisition of land to be used asafactory site. What amount of cash and cash equivalents should be reported in statementof financial position on December 31,2020?

Cash equivalent are the marketable securities in which the business invests for short term investing…

Answered: The December 31,2020 trial balance of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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The December 31,2020 trial balance of DDD Company includes the followingaccounts:

Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000)

BSP Treasury bill – 60 days 6,000,000 BPI time deposit – 30 days 4,000,000

The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000.
The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021. ● A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020. ● The BPI time deposit is set aside for acquisition of land to be used asafactory site.

What amount of cash and cash equivalents should be reported in statementof financial position on December 31,2020?

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