The following balances are extracted from the records of CPA Corporation as of December 31, 2021: ·       Commercial savings account, BDO- P1,500,000 ·       Commercial checking account, BDO- P1,800,000 ·       Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000 ·       Cash fund for retirement of long-term debt- P2,000,000 ·       Petty cash fund- P20,000 ·       I.O.U. from an officer- P50,000 ·       Bank overdraft, BPI- P450,000 ·       Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000 ·       Check received from customer dated January 2, 2022- P175,000 ·       Maintaining balance at BDO to ensure future credit availability- P200,000 ·       Currency and coin on hand not yet deposited - P25,000  How much will be reported as cash and cash equivalents on December 31, 2021?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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49. The following balances are extracted from the records of CPA Corporation as of December 31, 2021:

·       Commercial savings account, BDO- P1,500,000

·       Commercial checking account, BDO- P1,800,000

·       Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000

·       Cash fund for retirement of long-term debt- P2,000,000

·       Petty cash fund- P20,000

·       I.O.U. from an officer- P50,000

·       Bank overdraft, BPI- P450,000

·       Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000

·       Check received from customer dated January 2, 2022- P175,000

·       Maintaining balance at BDO to ensure future credit availability- P200,000

·       Currency and coin on hand not yet deposited - P25,000

 How much will be reported as cash and cash equivalents on December 31, 2021?

 

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