Question
FS presentation, Measurement and Deposit in foreign bank 3. Smile Co. has the following items on December 31, 20x1: Cash on hand 1,800,000 Cash on
FS presentation, Measurement and Deposit in foreign bank
3. Smile Co. has the following items on December 31, 20x1:
Cash on hand 1,800,000
Cash on hand (USD, translated at 50:$1) 2,900,000
Revolving fund 200,000
Contingency fund 80,000
Cash in bank BPI 6,000,000
Cash in bank Swiss Savings Account (translated at 51:CHF1) 1,400,000
Treasury bill acquired September 28, 20x1, maturing January 28, 20x2 600,000
Additional information:
The current exchange rates on December 31, 20x1 are as follows:
52:$1 and 49:CHF1
The Swiss Savings Account is restricted as to withdrawal.
Requirement: How much is presented as cash and cash equivalents in Smile Co.s December 31, 20x1
statement of financial position?
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