ABC Company reported that the cash account per ledger had a balance at December 31, 2021 of P4,415.000 which consisted of the following: Petty Cash fund Undeposited receipts including a postdated customer check for P70,000 Cash in Allied Bank, per bank statement, with a check for P40,000 still outstanding Bond sinking fund Vouchers paid out of collections, not yet recorded IOUS signed by employees, taken from collections 24,000 1,220,000 2,245,000 850,000 43,000 33,000 4.415.000 What amount should be reported as cash in the December 31, 2021 statement of financial position?
ABC Company reported that the cash account per ledger had a balance at December 31, 2021 of P4,415.000 which consisted of the following: Petty Cash fund Undeposited receipts including a postdated customer check for P70,000 Cash in Allied Bank, per bank statement, with a check for P40,000 still outstanding Bond sinking fund Vouchers paid out of collections, not yet recorded IOUS signed by employees, taken from collections 24,000 1,220,000 2,245,000 850,000 43,000 33,000 4.415.000 What amount should be reported as cash in the December 31, 2021 statement of financial position?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ABC Company reported that the cash account per ledger had a balance at December 31, 2021 of
P4,415.000 which consisted of the following:
Petty Cash fund
Undeposited receipts including a postdated
customer check for P70,000
Cash in Allied Bank, per bank statement, with a check for P40,000
still outstanding
Bond sinking fund
Vouchers paid out of collections, not yet recorded
IOUS signed by employees, taken from collections
24,000
1,220,000
2,245,000
850,000
43,000
33,000
4.415.000
What amount should be reported as cash in the December 31, 2021 statement of financial
position?
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