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How much is the correct amount of cash

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Problem - Western Company reported a total cash and cash equivalent of P6,325,000 on December 31, 2015, which includes the following information:

- Two certificates of deposits, each totalling P500,000. These certificates of deposit have a maturity of 120 days.

- A check that is dated January 12, 2016 in the amount of P125,000

- A commercial paper P2, 100,000 which is due in 120 days.

- Currency and coins on hand amounted to P7,700.

Western Company as agreed to maintain a cash balance of P500,000 in one of its banks at all times and it is not available for withdrawal and ensure future credit availability (this amount was included in the above balance).

Required - How much is the correct amount of cash and cash equivalents that Western Company should report in its December 31, 2015 statement of financial position?

Reference no: EM132938153

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