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What total amount should be reported as cash

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Problem 1: Pygmalion Company had the following account balances on December 31, 2020: (1) Cash in bank (current account) - P5,000,000; (2) Cash in bank (payroll account) - P1,000,000; (3) Cash on hand - P500,000; (4) Cash in bank (restricted account for building construction expected to be disbursed in 2021) - P3,000,000; and (5) Time deposit (purchased December 15, 2020 and due March 15, 2021) - P2,000,000. The cash on hand includes a P200,000 check payable to Pygmalion, dated January 15, 2021. What total amount should be reported as "cash and cash equivalents" on December 31, 2020?

a. P6,300,000

b. P8,300,000

c. P6,500,000

d. P8,700,000

Reference no: EM133008298

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