Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ecstasy Company reported the following information at the end of the current year. Investment securities of P1,000,000. These securities are share investments in entities that

image text in transcribed
Ecstasy Company reported the following information at the end of the current year. Investment securities of P1,000,000. 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 bills have a 10-year 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 or money market placements. The term of the commercial papers is 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 cash equivalents at the end of current year? 5, 400,000 6, 400,000 6, 900,000 7, 900,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditor Independence Auditing Corporate Governance And Market Confidence

Authors: Ismail Adelopo

1st Edition

1409434702, 978-1409434702

More Books

Students also viewed these Accounting questions

Question

a letter of credit is arranged by the seller

Answered: 1 week ago

Question

5. Describe the relationship between history and identity.

Answered: 1 week ago