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What amount should Red report as cash

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Q1. Yellow Co. had the following account balances at December 31, 2017:

Cash in banks 2,250,000

Cash on hand 125,000

Cash legally restricted for additions to plant

(Expected to be disbursed in 2018) 1,600,000

Cash in banks includes P600,000 of compensating balances against the short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Yellow. In the current assets section of Yellow's December 31, 2017 balance sheet, total cash to be reported at?

Q2. Red Co. had the following balances at December 31, 2017:

Cash in checking account P 35,000

Cash in money market account 75,000

Treasury bill, purchased 11/1/2017, maturing 1/31/2018 350,000

Treasury bill, purchased 12/1/2017, maturing 3/31/2018 400,000

Red'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 Red report as cash and cash equivalents in its December 31, 2017 balance sheet?

Reference no: EM132624816

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