Question
AA Company had the following items in its Cash equivalents account as of December 31, 2022: Money market fund due in 3 months acquired 1
AA Company had the following items in its “Cash equivalents” account as of December 31, 2022:
Money market fund due in 3 months acquired 1 month ago | P250,000 |
Investment in equity designated in OCI – expected to disposed in 3 months | 500,000 |
Time deposit – 2 months maturity, acquired on 12/1/2022 | 600,000 |
Treasury bills – due in 3 months from date of acquisition (12/30/2022) | 350,000 |
Redeemable preference shares – purchased on 11/30/2022 due on 3/31/2023 | 300,000 |
What is the correct balance of cash and cash equivalents as of December 31, 2022?
Step by Step Solution
3.40 Rating (147 Votes )
There are 3 Steps involved in it
Step: 1
Money market fund due in 3 months acquired 1 month ago 250000 ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
