IMPORTANT

Q4. The controller for Al Wesel Co. is attempting to determine the amount of cash and cash equivalents to be reported on its December 31, 2020, statement of financial position. The following information is provided. Commercial savings account of OMR 600,000 and a commercial checking account balance of OMR 800,000 are held at First National Bank of Oman. Money market fund account held at Volonte Co. (a mutual fund organization) permits Al Wesel to write checks on this balance, OMR 5,000,000. Travel advances of OMR 180,000 for executive travel for the first quarter of next year (employee to reimburse through salary reduction) A separate cash fund in the amount of OMR 1,500,000 is restricted for the retirement of long-term debt. Petty cash fund of OMR 1,000. An 1.O.U. from Marianne Koch, a company customer, in the amount of OMR 150,000. A bank overdraft of OMR 110,000 has occurred at one of the banks the company uses to deposit its cash receipts. At the present time, the company has no deposits at this bank. The company has two certificates of deposit, each totalling OMR 500,000. These CDs have a maturity of 120 days. Al Wesel has received a check that is dated January 12, 2020, in the amount of OMR 125,000. Al Wesel has agreed to maintain a cash balance of OMR 500,000 at all times at First National Bank of Oman to ensure future credit availability. Al Wesel has purchased OMR 2,100,000 of commercial paper of Sergio Leone Co., which is due in 60 days. Currency and coin on hand amounted to OMR 7,700. Instructions a. Compute the amount cash (and cash equivalents) to be reported on Al Wesel Co.'s statement of financial position at December 31, 2020. b. Indicate the proper reporting for items that are not reported as cash on the December 31, 2020, statement of financial position