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What total amount should be reported as cash for ace company

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Reference no: EM132691297

Ace Company provided the following information on December 31, 2020:

Petty cash fund 50,000

Current account - First Bank 4, 000,000

Current account - Second Bank (250,000)

Money market placement - Third Bank 1, 000,000

Time deposit - Fourth Bank 2,000,000

  • The petty cash included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5,000 dated January 31, 2021
  • A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021
  • The Fourth Bank time deposit is set aside for land acquisition in early January 2021

Problem 1: What total amount should be reported as cash and cash equivalents on December 31, 2020?

Reference no: EM132691297

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