3- Sara Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account €68,000 Cash on hand 9,300 Tax refund due 31,400 Checking account balance 17,000 Postdated checks 750 Certificates of deposit (180-day) 90,00 Instruction: compute the amount should be reported as cash?

3- Sara Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account €68,000 Cash on hand 9,300 Tax refund due 31,400 Checking account balance 17,000 Postdated checks 750 Certificates of deposit (180-day) 90,00 Instruction: compute the amount should be reported as cash?

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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A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI 300,000 Cash in bank (net of bank overdraft of P100,000) 500,000 Petty cash fund 40,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Financial assets at amortized cost/held to maturity 600,000 Accounts receivable 2,100,000 Undeposited collections (including P10,000 customer’s check return, DAIF) 100,000 Allowance for uncollectible accounts 200,000 Trade installment accounts receivable, including P60,000 due after a year 145,000 Cash surrender value of life insurance 50,000 Prepaid expenses 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 700,000 Patent 300,000 Accumulated amortization 20,000 [Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
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