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Determine the cash and cash equivalents balances

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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.

Reference no: EM133160913

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