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What should be reported as cash and cash equivalents

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Question - ABC Company presented the following account balances on December 31, 2020:

Cash in bank - current account 7,500,000

Cash in bank - payroll account 1,500,000

Cash on hand 750,000

Cash in bank - restricted for acquisition of a long- term asset, to be disbursed in 2021 4,500,000

Time deposit, purchased December 15, 2020, and due on March 15, 2021 3,000,000

The cash on hand includes a P300,000 check payable to ABC Company, dated January 15, 2021.

Required - What should be reported as Cash and Cash Equivalents on December 31, 2020?

Reference no: EM133184531

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