As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000. Breakdown of the amount is as follows: Currencies and coins awaiting deposit Checking account balance NSF Check returned by the bank Undeposited receipts, including a postdated check of P35,000 Savings account balance IOUS signed by personnel brug P45,000 185,000 40,000 160,000 250,000 15,000 What amount should be reported as "cash" on Grimmie's Statement of Financial Position as of December 31, 2020?

As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000. Breakdown of the amount is as follows: Currencies and coins awaiting deposit Checking account balance NSF Check returned by the bank Undeposited receipts, including a postdated check of P35,000 Savings account balance IOUS signed by personnel brug P45,000 185,000 40,000 160,000 250,000 15,000 What amount should be reported as "cash" on Grimmie's Statement of Financial Position as of December 31, 2020?

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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