Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

help me to solve this 

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Value Chain Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS