Garfield Company had the following cash balances at December 31, 2020: Un-deposited coin and currency P 35,000
Fantastic news! We've Found the answer you've been seeking!
Question:
Garfield Company had the following cash balances at December 31, 2020:
Un-deposited coin and currency | P | 35,000 |
Unrestricted demand deposit | 1,450,000 | |
Company checks written (and deducted from the demand deposits amount) but not scheduled to be mailed until January 2 | 180,000 | |
Time deposits restricted for use (expected use in 2021) | 3,000,000 |
In exchange for a guaranteed line of credit, Garfield has agreed to maintain balance of P 150,000 in its unrestricted demand deposit account.
How much should Garfield report “Cash” in its December 31, 2020, statement of financial position?
Expert Answer:
Related Book For 
Posted Date:
