5. The cash account in the current asset section of the statement of financial position of RestorationCompany showed a balance of P55,500. It was found to include the following items:Petty cash fund (P100 is in the form of paid vouchers)Checking account balance in the BPI Company, per bank statement (a P2,500check is still outstanding)P 50025,500Undeposited receipts, including a post-dated check for P500Currencies and coins awaiting depositBond sinking fund - cashCheck drawn by management, returned by bank marked NSF12,0005,50010,0002,000The correct cash balance for Restoration Company's statement of financial position isC. 42,400D. 40,000A. 43,000B. 42,900

Cash and Cash Equivalent: Cash and cash equivalent includes money ,coins and bills in legal tender…

5. The cash account in the current asset section of the statement of financial position of Restoration Company showed a balance of P55,500. It was found to include the following items: P 500 Petty cash fund (P100 is in the form of paid vouchers) Checking account balance in the BPI Company, per bank statement (a P2,500 check is still outstanding) Undeposited receipts, including a post-dated check for P500 Currencies and coins awaiting deposit Bond sinking fund- cash Check drawn by management, returned by bank marked NSF 25,500 12,000 5,500 10,000 2,000 The correct cash balance for Restoration Company's statement of financial position is A. 43,000 B. 42,900 C. 42,400 D. 40,000

5. The cash account in the current asset section of the statement of financial position of Restoration Company showed a balance of P55,500. It was found to include the following items: P 500 Petty cash fund (P100 is in the form of paid vouchers) Checking account balance in the BPI Company, per bank statement (a P2,500 check is still outstanding) Undeposited receipts, including a post-dated check for P500 Currencies and coins awaiting deposit Bond sinking fund- cash Check drawn by management, returned by bank marked NSF 25,500 12,000 5,500 10,000 2,000 The correct cash balance for Restoration Company's statement of financial position is A. 43,000 B. 42,900 C. 42,400 D. 40,000

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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