What total amount should be reported as cash on december

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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 fund included unreplenished december 2020 petty cash expense vouchers for 15,000 and an employee check for 5,000 dated on January 31,2021.
A check for 100,000 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: EM132691228

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