Reference no: EM133153735
Question - The cash account of Palawan Company included the following items:
Bank draft from customer 10,000
Bond sinking fund - cash (bond is repayable on January 31, 2017) 10,000
Bond sinking fund - cash (bond is repayable on June 30, 2018) 10,000
Cash in bank (with legally restricted compensating balance of 10,000) 20,000
Cash in savings account 10,000
Cash set aside for plant expansion (to be disbursed on March 23, 2017) 10,000
Cashier's check 10,000
Checking account at BPI 10,000
Checking account at Metrobank (10,000)
Employees' postdated check 10,000
Foreign bank account - restricted 10,000
Money order from customer 10,000
Payroll account 10,000
Petty cash fund 10,000
Postage stamps 10,000
Post-dated check from customer 10,000
Time deposit (due on February 1, 2017; acquired on December 25, 2016) 10,000
Time deposit (due on January 15, 2017; acquired on August 15, 2016) 10,000
Traveler's check 10,000
Required - What is the correct amount that should be reported as cash and cash equivalent on December 31, 2016?
a. 90,000
b. 100,000
c. 110,000
d. 120,000
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