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How much should Volume report Cash in its December

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Reference no: EM132749393

Problem - Volume Company had the following cash balances at December 31, 2020:

Undeposited coin and currency P35,000

Unrestricted demand deposit 1,450,000

Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until January 2 180,000

Time deposits restricted for use (expected use in 2021) 3,000,000

In exchange for a guaranteed line of credit, Garfield has agreed to maintain balance of P150,000 in its unrestricted demand deposit account.

How much should Volume report Cash in its December 31, 2020, statement of financial position?

Reference no: EM132749393

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