Reference no: EM132858268
Question - The following items are found in the Accounting Records of F1 Inc. on December 31, 2020:
Coins 1,000,000
Currency 2,500,000
Money Orders 1,500,000
Foreign Currency Deposit (restricted) 2,000,000
Petty Cash Fund (P20,000 in vouchers and P30,000 IOUs from Employee) 100,000
Postage Stamp 50,000
IOU from the Company president 200,000
Postdated check from a customer of F1 Inc. 300,000
Unreleased or undelivered check for payment of accruals drawn by F1 400,000
Postdated check issued to a supplier of F1 Inc. 100,000
Savings Deposit in a Bank closed by BSP 500,000
Fund set aside for acquisition of Land - to be disbursed on December 31, 2022 3,000,000
Fund set aside for acquisition of Building - to be disbursed on July 1, 2021 2,000,000
Payroll fund 1,000,000
Dividend fund 200,000
Travel fund 300,000
Interest fund 100,000
Tax fund 400,000
Bond sinking fund - Bonds payable will be due on December 31, 2022 2,000,000
Bond sinking fund - Bonds payable will be due on July 1, 2021 1,000,000
Cash surrender value 10,000
Saving Deposit in BDO Bank (compensating balance of P200,000 - unrestricted) 2,000,000
Saving Deposit in BPI Bank (compensating balance of P100,000 - restricted for Short-term borrowing) 1,600,000
Saving Deposit in MetroBank (compensating balance of P300,000 - restricted for Long-term borrowing) 2,800,000
Time Deposit with remaining term of 30 days and acquired on September 1, 2020 4,000,000
Time Deposit with original term of 5 years and remaining term of 80 days on December 31, 2020; It was acquired on December 21, 2020 5,000,000
Current Account in PNB - (Overdraft) (500,000)
First Current Account in RCBC - (Overdraft) (1,000,000)
Second Current Account in RCBC 3,000,000
Stale Check from a Customer 200,000
Stale Check issued to a supplier against Second Account in RCBC 100,000
Investment in Ordinary Shares 300,000
Investment in Preference Shares 400,000
Investment in Redeemable Preference Shares - 90 days term 500,000
Required - What is the total cash and cash equivalents to be presented in the December 31, 2020 Statement of Financial Position of F1 Inc.?