Wimbledon Company provided the following information regarding the composition of its cash account on December 31, 2020: Checking account- BPI P1,200,000 Savings account- BPI 1,500,000 Cash on hand 10,000 Travel advances of employee to be paid through salary deduction 120,000 Separate cash fund, restricted for the retirement of long-term 1,000,000 assets Savings account includes P200,000 holdout against short-term borrowing arrangements. In the current assets section of Wimbledon Co.'s December 31, 2019 statement of financial position, how much should be reported as cash?

Wimbledon Company provided the following information regarding the composition of its cash account on December 31, 2020: Checking account- BPI P1,200,000 Savings account- BPI 1,500,000 Cash on hand 10,000 Travel advances of employee to be paid through salary deduction 120,000 Separate cash fund, restricted for the retirement of long-term 1,000,000 assets Savings account includes P200,000 holdout against short-term borrowing arrangements. In the current assets section of Wimbledon Co.'s December 31, 2019 statement of financial position, how much should be reported as cash?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 6DQ

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