Reference no: EM133146257
Question - On Dec. 31, 2021. Gabriel Corp. reported total cash and cash equivalents amounting to P6.325,000 on its Statement of Financial Position. The amount includes the following data:
Check dated Jan. 12, 2022 amounting to P125,000.
Commercial paper due in 90 days, P2,100.000.
Two certificates of deposits, each totaling P500,000, having maturity of 120 days.
Bills and coins on hand, P1700.
In one of its banks, Gabriel Corp. has agreed to maintain a cash balance of P500900 at all times to ensure future credit availability. This amount is legally restricted as to withdrawal and was included in the above balance.
Required - How much is the correct amount of cash and cash equivalents?
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