3.The following data is an excerpt from the financial records of ABC Company on Dec 31, 2021: How much is the total amount of cash and cash equivalents to be reported in the Dec 31, 2021 Statement of Financial Position? * A.3,734,000B.3,864,000C.3,534,000D.3,114,000 Current account at Chinabank1,800,000Current account at Security bank( 120,000)Petty cash fund (P14,000 in currency and P11,000 in expense receipts)25,000Pension fund2,300,000DAIF check of a customer18,000Money orderCustomer's check dated 1/1/202235,00090,000Time deposit - 30 days225,000Money market placement (due 6/30/2022)Treasury bills, due 3/31/2022 (purchased 12/31/2021)Treasury bills, due 1/31/2022 (purchased 2/01/2021)550,000260,000330,000Payroll account450,000Foreign bank account (in equivalent pesos)710,000Savings deposit in a closed bank200,000Postage stamps1,200Employee's post-dated check5,600IOU from employees11,000Traveler's check40,000

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3.The following data is an excerpt from the financial records of ABC Company on Dec 31, 2021: How much is the total amount of cash and cash equivalents to be reported in the Dec 31, 2021 Statement of Financial Position? *

A.3,734,000

B.3,864,000

C.3,534,000

D.3,114,000

Current account at Chinabank
1,800,000
Current account at Security bank
( 120,000)
Petty cash fund (P14,000 in currency and P11,000 in expense receipts)
25,000
Pension fund
2,300,000
DAIF check of a customer
18,000
Money order
Customer's check dated 1/1/2022
35,000
90,000
Time deposit - 30 days
225,000
Money market placement (due 6/30/2022)
Treasury bills, due 3/31/2022 (purchased 12/31/2021)
Treasury bills, due 1/31/2022 (purchased 2/01/2021)
550,000
260,000
330,000
Payroll account
450,000
Foreign bank account (in equivalent pesos)
710,000
Savings deposit in a closed bank
200,000
Postage stamps
1,200
Employee's post-dated check
5,600
IOU from employees
11,000
Traveler's check
40,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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