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What total cash should be reported under current assets

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Reference no: EM133008304

Problem 1: Burr Company had the following account balances on December 31, 2020: (1) Cash in bank - P2,250,000; (2) Cash on hand - P125,000; and (3) Cash restricted for addition to plant (expected to be disbursed in 2021) - P1,600,000. The cash in bank includes P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal by Burr. In the December 31, 2020 statement of financial position, what total cash should be reported under current assets?

a. P1,775,000

b. P2,250,000

c. P2,375,000

d. P3,975,000

Reference no: EM133008304

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