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ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) How much is the correct cash balance at Dec 31? 442,500 444,500 450,500 500,000

ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) How much is the correct cash balance at Dec 31? 442,500 444,500 450,500 500,000

FINANCIAL ACCOUNTING
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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ABC Corp had a cash balance of P500,000 in its books at Dec 31. The following are additional information for the entity: Cash in BDO, P200,000 (compensating balance of P50,000 is legally restricted) Cash in BPI, (P2,000) deducted from the balance Cash on hand, P10,000 (includes post dated check of P6,000) Petty Cash Fund, P5,000 (includes petty cash voucher of P1,500) How much is the correct cash balance at Dec 31?

442,500
444,500
450,500
500,000
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