Reference no: EM133067329
Question - Gem Co. had the following cash balances at December 31, 2020:
Petty cash fund - P1,500
Customer's certified check - P5,000
Customer's NSF check - P2,000
Customer's postdated check - P4,000
Unrestricted demand deposits - P486,000
Company checks written and deducted from the demand deposits but not scheduled to be mailed until January 2, 2021 - P12,000
Time deposits restricted for use (expected use in 2021) - P300,000
In exchange for a guaranteed line of credit, Gem has agreed to maintain a minimum balance of P100,000 in its unrestricted demand deposits account.
Required - How much should Gem report as "Cash" in its December 31, 2020 statement of financial position?
a. P399,500
b. P404,500
c. P480,500
d. P504,500
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