PROBLEM 1

Presented below pertains to Amsterdam Corporation on December 31, 2020:

Treasury warrants 300,000

Treasury bills, due on 1/31/2021 (purchased on 1/31/2020) 300,000

Treasury bills, due on 3/31/2021 (purchased on 12/31/2020) 200,000

Postage stamps 1,000

CM from Tokyo Corporation, a vendor, for a purchase return 20,000

BPI Checking account (100,000)

Metrobank Checking account 2,000,000

Postal Money Order 30,000

Travelers check 50,000

Postdated check of Donald Tramp, an employee 4,000

Restricted foreign bank account (equivalent to pesos_ 1,000,000

IOU from eldest brother of Jonathan Fabian, the company controller 10,000

Listed stocks held as temporary investments 15,000

Payroll account 500,000

Petty Cash fund (net of expense receipts pf P 6,000) 4,000

Additional information:

1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailed to suppliers on

January 5, 2021.

2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailed on December

31, 2020.

3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailed on January

15, 2020. As of the reporting period, the same has not been encashed by the payee and still outstanding.

Question 1:

How much cash and cash equivalents should Amsterdam Corporation report on the December 31, 2020 statement of

financial position?