Reference no: EM132759435

CASH AND CASH EQUIVALENTS

Islander Company provided the following information with the respect to the cash and cash equivalents on December 31, 2019.

Checking account at XYZ Bank         (200,000)

Checking account at ABC Bank       3,500,000

Treasury bonds                           1,000,000

Payroll account                              500,000

Value added tax account                 400,000

Foreign bank account - unrestricted (in equivalent pesos) 2,000,000

Postage stamps                           50,000

Employee's postdated check          300,000

IOU from president                      750,000

Traveler's check                          300,000

NSF customer check                     150,000

Petty cash fund - comprising P20,000 in currency and expenses receipts for P30,000           50,000

Money order              180,000

Problem 1: What amount should be reported as unrestricted cash on December 31, 2019?