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How much is the cash in bank that should be presented

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Question - ABC Co cash in bank consists of the following:

BDO savings account 480,000

BDO Checking account (20,000)

Union Bank checking account 360,000

Security Bank savings account 200,000

Security Bank checking account (70,000)

Unused credit line Union bank 250,000

Additional information:

a. BDO savings account includes compensating balance that is not legally restricted for P40,000.

b. Union Bank includes compensating balance of P100,000 which is legally restricted.

c. Security Bank savings account represents a cash bond that is mandated by a legal court to be on hold pending the final settlement of an on-going court litigation.

Required - How much is the cash in bank that should be presented in the financial statement?

Reference no: EM133189790

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