On December 31, 2020, Oust the Turtle Corporation had the following: Petty cash fund 200,000 Cash in
Fantastic news! We've Found the answer you've been seeking!
Question:
On December 31, 2020, Oust the Turtle Corporation had the following:
Petty cash fund | 200,000 |
Cash in bank A | 123,456 |
Time deposit acquired on April 1, 2020, maturing on January 1, 2021 | 2,500,555 |
Treasury bills maturing on December 31, 2021, acquired on December 31, 2020 | 2,000 |
Cash in bank B | 676,777 |
Cash in bank C | 711,711 |
- Cash in bank B is set aside for purchase of vehicles.
- Cash in bank A is frozen by the court by virtue of a case filed by the Bureau of Internal Revenue.
How much should be reported as cash on December 31, 2020?
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date: