Reference no: EM133010684
Cash on hand includes a ?40,000 check payable to ABC Co. dated December 29, The records of ABC Co. show the following balances on December 31, 20x1:
Cash on hand ? 400,000
Cash in Bank - current account 1,200,000
Cash in Bank - peso savings deposit 5,000,000
Cash in Bank - dollar deposit (unrestricted) $ 100,000
Cash in Bank - dollar deposit (restricted) 250,000
Cash in 3-month money-market account ? 500,000
3-month unrestricted time deposit $ 20,000
Treasury bill, purchased 11/1/20x1, maturing 2/14/20x2 ?1,600,000
Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2 1,000,000
Treasury note, purchased 12/1/20x1, maturing 2/28/20x2 400,000
Unused Credit Line 4,000,000
Redeemable preference shares, purchased 12/1/20x1, due on 3/1/20x2 740,000
Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2 200,000
Sinking fund 400,000
Additional information:
20x1.
- During December 20x0, check amounting to ?30,000 was drawn against the Cash in bank - current account in payment of accounts payable. The check remains outstanding as of December 31, 20x1.
- The Cash in Bank - peso savings deposit includes ?800,000 security bond on a pending labor case, in favor of a previous employee. The establishment of the bond is mandated by a court of law.
- The Cash in Bank - peso savings deposit also includes a compensating balance amounting to ?500,000 which is not legally restricted.
- The Cash in Bank - dollar deposit (unrestricted) account includes interest of $4,000, net of tax, directly credited to Kapiz Co.'s account. The exchange rate at year-end is $1 is to ?45.
Problem 1: How much is the cash and cash equivalents to be reported in the 20x1 financial statements?
A. 14,720,000
B. 12,430,000
C. 19,520,000
D. 12,870,000
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