Reference no: EM133160913
Question - You gathered the following items in connection with your audit of Yuan Company for the year ended December 31, 2020:
Treasury bills, due 1/31/21 (purchased 2/1/20), P150,000.
Treasury bills, due 3/30/21 (purchased 12/30/20), P100,000.
Petty cash fund (P2,000 in currency and expense receipts for P3,000), P5,000.
Money order, P15,000.
NSF check, P7,500.
Credit memo from a vendor for a purchase return, P10,000.
IOU from president's sister, P5,000.
Post-dated check received from employee, P2,000.
Postage stamps, P500.
Restricted foreign bank account (in equivalent pesos), P500,000.
Payroll account, P250,000.
BPI current account - overdraft, P50,000.
Metrobank current account, P1,000,000.
Required - Determine the following balances based on the above.
1. Cash
2. Cash equivalents
3. Cash and Cash Equivalents.