Reference no: EM132937819
Question - Sharmaine Company provided the following account balances on December 31, 2015:
Cash in bank 2,250,000
Cash on hand 125,000
Cash restricted for addition to plant expected to be disbursed in 2016 1,600,000
Cash in money market account 750,000
Treasury bill purchased November 1, 2015 maturing January 31, 2016 3,500,000
Treasury bill purchased December 1, 2015 maturing March 31, 2016 2,000,000
Cash in bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. What total amount should be reported as cash and cash equivalents on December 31, 2015?
A. 8,225,000
B. 6,025,000
C. 6,625,000
D. 8,625,000
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