Reference no: EM132637493
Question - Love Thy Neighbor Corporation has the following items presented to you as Cash and Cash Equivalents as of December 31, 2019:
Current Account at BPI 6,000,000
Current Account at PCI Bank (300,000)
Payroll Account 1,500,000
Foreign Bank Account - restricted in US Dollar 60,000
Postage Stamps 3,000
Employee Post Dated Check 12,000
IOU from a key Officer 30,000
Credit Memo from a Vendor for a Purchase Return 60,000
Traveler's Check 150,000
Customer's Not Sufficient Cash Check 45,000
Money Order 90,000
Petty Cash (P 12K in currency and P 18 K expenses) 30,000
Treasury Bills, due 3/31/20 (purchased 12/31/19) 600,000
Treasury Bills, due 1/31/20 (purchased 01/01/19) 900,000
Change Funds 10,000
Bond Sinking Fund 1,000,000
Note: Be mindful of the account that needs conversion.
The exchange rate of $ 1 to peso as of December 31, 2019 is P 50.
Required -
1. If the items are not Cash and Cash Equivalent, what is the total amount that will be classified as Current Assets?
2. What is the total amount to be reported as Cash and Cash Equivalents as of December 31, 2019?
3. If the items are not Cash and Cash Equivalent, what is the total amount that will be classified as Non-Current Assets?