Reference no: EM133182822
Question - Cash - The following pertains to Clark Corporation on December 31, 2021:
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Postage stamps
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P500
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Credit memo from a vendor for a purchase return
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10,000
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Current account at BPI
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(50,000)
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Current account at Metro Bank
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1,000,000
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Employees postdated check
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2,000
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Foreign bank account-restricted (in equivalent pesos)
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500,000
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IOU from controller's sister
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5,000
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Listed stock held as temporary investment
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7,500
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Payroll account
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250,000
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Petty cash fund (P2,000 in currency and expense receipts for P3,000)
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5,000
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Postal money order
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15,000
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Traveler's check
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25,000
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Treasury Bills, due 1/31/2022 (purchased 01/31/2021)
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150,000
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Treasury bills, due 3/31/2022 (purchased 12/31/2021)
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100,000
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Treasury warrant
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150,000
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Additional information:
1. Check of P100,000 drawn against Metrobank account in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.
2. Check of P50,000 drawn against Metrobank account dated January 15, 202 in payment of accounts payable was recorded and mailed on December 31, 2021.
3. Check of P25,000 drawn against Metrobank account dated January 15, 2021 in payment of accounts payable was recorded and mailed on January 15, 2021. As of the reporting period, the same has not been encashed by the payee and still outstanding.
Required - Compute the amount of cash and cash equivalents should the company report on the December 31, 2021 statement of financial position?
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