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Cash and cash equivalents practice problems

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CASH AND CASH EQUIVALENTS PRACTICE PROBLEMS PRACTICE PROBLEM Pygmalion Company had the following account balances on December 31, 2013: Cash in bank – current account 5,000,000 Cash in bank – payroll account 1,000,000 Cash on hand 500,000 Cash in bank – restricted account for building Construction expected to be disbursed in 2014 3,000,000 Time deposit, purchased December 15, 2013 and Due March 15, 2014 2,000,000 The cash on hand included a P200,000 check payable to Pygmalion, dated January 15 2014. What total amount should be reported as “cash and cash equivalents” on December 31, 2013? 8,300,000 PRACTICE PROBLEM Everlast Company reported the following information at the current year-end: • Investment securities of 1,000,000. These securities are share investments in entities that are traded in the Philippine Stock Exchange. As a result, the shares are very actively traded in the market. • Investment securities of P2,000,000. These securities are government treasury bills. The treasury bill have a 10year term and purchased on December 31 at which time they had two months to go until they mature. • Cash of P3,400,000 in the form of coin, currency, saving account and checking account. • Investment securities of P1,500,000. These securities are commercial papers. The term of the papers in nine months and they were purchased on December 31 at which time they had three months to go until they mature. What total amount should be reported as cash and ...
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