Reference no: EM132850052
Question - On December 31, 2018 financial Statement of Everest Company, the company presented the following as cash and cash equivalents.
Checking account at EastWest Bank (200,000)
Checking account at WestEast Bank 3,500,000
3 month Treasury bills 1,000,000
Payroll account 500,000
Value added tax account 400,000
Foreign bank account - restricted 20,000
Postage stamps 50,000
Employees postdated check 300,000
IOU from president's brother 750,000
Credit memo from a vendor for a purchase return 80,000
Traveler's check 300,000
Not-sufficient-fund check 150,000
Petty cash fund (P20,000 in currency and expense Receipts for P30,000) 50,000
Time Deposit 180,000
Additional information:
a. On December 29, a check drawn from EastWest bank checking account amounting P400,000 for the payment of currently maturing liability. The check was dated December 30, 2018. On December 31, 2018, the check was undelivered.
b. On December 31, 2018, check from WestEast bank was drawn to cover the negative balance incurred in the Eastwest bank account. The check amount was P200,000.
c. The foreign Bank account was opened May 1, 2018. On that date the current foreign exchange rate was $1=P42. On December 31, exchange rate is $1=P45.
d. Time deposit is restricted to withdrawn until December 31, 2020.
Required - Find the correct balances of Cash & Cash Equivalent on December 31, 2018 financial statement?
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