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What amount should jensen report as cash

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Reference no: EM133024317

Question - Jensen Co. had the following balances at December 31, 2020:

Cash in checking account P35,000

Cash in money market account P75,000

Treasury bill, purchased 10/1/2020, maturing 1/31/2021, P350,000

Treasury bill, purchased 12/1/2020, maturing 3/31/2021, P300,000

Jensen Co's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased. What amount should Jensen report as Cash and Cash equivalents in its December 31, 2020 Statement of financial Position?

Reference no: EM133024317

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