Reference no: EM132737845
Question - Oust The Turtle Company had the following account balances on December 31, 2020:
Cash in Bank A- rank and file payroll account 200,000
Cash in Bank B- Savings Account 123,456
Cash in Bank C- checking account 2,500,555
Cash in Bank D- savings account 2,000
Cash in Bank E- checking account 676,777
Cash in Bank F- managerial payroll account 711, 711
Cash on bank C is set aside for payment of bonds payable, acquired on October 14, 2014, due on December 31, 2021.
Cash in bank E is segregated for purchase of inventories
Required - How much should be reported as cash on December 31, 2020?
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