cash and cash equivalents topic

EXERCISE 2-7 The cash balance of Mendoza Company consists of the following on December 31, 2020: Cash on hand, including stale check of P60,000 and postdated check of P30,000 P650,000 Cash in bank, net of bank overdraft of P40,000 in a checking account with another bank 450,000 Petty cash, including unreplenished receipts of P12,500 18,000 Savings deposits, earmarked for plant expansion 550,000 What is the correct cash balance? EXERCISE 2-8 Wimbledon Company provided the following information regarding the composition of its cash account on December 31, 2020: Checking account-BPI Savings account-BP Cash on hand Travel advances of employee to be paid through salary deduction Separate cash fund, restricted for the retirement of long-term assets P1,200,000 1,500,000 10,000 120,000 1,000,000 Savings account includes P200,000 holdout against short-term borrowing arrangements. In the current assets section of Wimbledon Co.'s December 31, 2019 statement of financial position, how much should be reported as cash? EXERCISE 2-9 Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter had the following items on its safe, together with 18 blank checks: 2. A P70,000 check payable to Hechter Co., dated January 2, 2021 that was included in the December 31 checkbook balance