Reference no: EM132786805
Volume Company had the following cash balance at December 31, 2020:
Undeposited coins and currency P 35,000
Unrestricted demand deposits 1,450,000
Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until January 2 270,000
Time deposits restricted for use (expected use in 2021) 3,000,000
In exchange for a guaranteed line of credit, Volume has agreed to maintain a minimum balance of P150,000 in its unrestricted demand deposits account.
Problem 1: How much should Volume report as "Cash" in its December 31, 2020 statement of financial position?
a. P1,755,000
b. P3,305,000
c. P3,270,000
d. P4,755,000
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