ash account in the current asset section of the statement of financial position fo pany showed a balance of P555,000. It was found to include the following items
ash account in the current asset section of the statement of financial position fo pany showed a balance of P555,000. It was found to include the following items
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The cash account in the current asset section of the statement of financial position for Relay
Company showed a balance of P555,000. It was found to include the following items.
Petty cash fund (P1,000 is in the form of
paid vouchers)
5,000
Checking account balance, per bank
statement (A P25,000 check is still
255,000
outstanding)
Undeposited receipts, including a post-
dated check for P5,000
120,000
Currencies and coins awaiting deposit
55,000
Bond sinking fund
100,000
Check drawn by manager, returned by bank
20,000
marked NSF
What is the correct cash balance for Relay Company's statement of financial position?
O P404,000
O P430,000
O P429,,0000
O P529,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8f552e99-7d0b-4b02-82fb-0db8f94aa610%2F23a9fdc6-783a-4715-9574-d307efbab67e%2Fyo75zbo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The cash account in the current asset section of the statement of financial position for Relay
Company showed a balance of P555,000. It was found to include the following items.
Petty cash fund (P1,000 is in the form of
paid vouchers)
5,000
Checking account balance, per bank
statement (A P25,000 check is still
255,000
outstanding)
Undeposited receipts, including a post-
dated check for P5,000
120,000
Currencies and coins awaiting deposit
55,000
Bond sinking fund
100,000
Check drawn by manager, returned by bank
20,000
marked NSF
What is the correct cash balance for Relay Company's statement of financial position?
O P404,000
O P430,000
O P429,,0000
O P529,000
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