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What total amount should be reported as cash

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Reference no: EM132881981

Problem - Greenfield Company had the following cash balances at December 31, 2019:

Cash in banks $1,300,000

Petty cash funds (all funds were reimbursed on December 31, 2019) 20,000

Cash legally restricted for additions to plant (expected to be disbursed in 2021) 2,000,000

Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensating balances are not legally restricted as to withdrawal by Greenfield. In the current assets section of Green- field's December 31, 2019, balance sheet, what total amount should be reported as cash?

Reference no: EM132881981

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