Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000 Petty cash fund - 50,000 Cash in bank - 4,000,000 Savings deposit - 2,000,000 Total - 7,050,000 Cash on hand included the following: Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2. The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1. Postal money orders received from customers, P200,000. A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000. A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000. Compute the total cash
Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000 Petty cash fund - 50,000 Cash in bank - 4,000,000 Savings deposit - 2,000,000 Total - 7,050,000 Cash on hand included the following: Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2. The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1. Postal money orders received from customers, P200,000. A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000. A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000. Compute the total cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Armenia Company reported the following information on December 31, 20X1
Cash on hand - 1,000,000
Petty cash fund - 50,000
Cash in bank - 4,000,000
Savings deposit - 2,000,000
Total - 7,050,000
Cash on hand included the following:
- Due to insufficient funds, the bank returned a customer check of P100,000 last December 26, 20X1. The bank subsequently redeposited and cleared the check on January 5, 20X2.
- The customer check for P150,000 dated January 15, 20X2 was received last December 22, 20X1.
- Postal money orders received from customers, P200,000.
A check was written last December 22, 20X1, and delivered to the payee on January 5, 20X2, P200,000.
A check was written last December 25, 20X1 and dated January 31, 20X2, delivered to the payee on December 26, 20X1, P300,000.
Compute the total cash
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