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What total amount in the current assets section

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On December 31, 2020, First Company had the following cash balances:

Cash in banks P1,800,000

Petty cash funds (all funds were reimbursed on 12/31/20) 50,000

Cash in banks included P600,000 in a separate bank where-in the company is required to maintain a minimum average of P800,000 of 10 workings on a rolling basis.

Problem 1: In the current assets section of First's December 31, 2020 statement of financial position, what total amount

a. P1,200,000

b. P1,800,000

c. P1,250,000

d. P1,850,000

Reference no: EM132786802

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