The Gracious Co.'s ledger showed a balance in its cash account at December 31, 2020 of P2,537,125 which wasdetermined to consist of the following:Petty cash fundP 10,800Cash per bank statement with a check for P30,000 still outstanding1,068,375Notes receivable in the possession of a collecting agency12,500Undeposited heceipts, including postdated check for P50,250 and traveler's check forP35.000809,000630,750Bond sinking fund- cash2,475LOUS signed by employees3,225Paid vouchers not yet recordedP2,537,125TotalAt what amount should Cash on hand and in bank be reported on Gracious' balance sheet? The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which includedthe following:100,000Petty Cash FundUndeposited receipts, including a post-dated customer check of P40,000Cash in Bank per bank statement, with a check for 850,000 still outstandingDeposit in a bank closed by the Bangko Sentral ng PilipinasVouchers paid out of colleotions, not yet recorded650,0po3,500,000500,000150,0005,0001OUS signed by employees, taken from collections4,905,000At what amount should Optimistic Co. report as "cash" on December 31, 2020?

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At what amount should "Cash on hand and in bank be reported on Gracious' balance sheet?

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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Question

The Gracious Co.'s ledger showed a balance in its cash account at December 31, 2020 of P2,537,125 which was
determined to consist of the following:
Petty cash fund
P 10,800
Cash per bank statement with a check for P30,000 still outstanding
1,068,375
Notes receivable in the possession of a collecting agency
12,500
Undeposited heceipts, including postdated check for P50,250 and traveler's check for
P35.000
809,000
630,750
Bond sinking fund- cash
2,475
LOUS signed by employees
3,225
Paid vouchers not yet recorded
P2,537,125
Total
At what amount should Cash on hand and in bank be reported on Gracious' balance sheet?

The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which included
the following:
100,000
Petty Cash Fund
Undeposited receipts, including a post-dated customer check of P40,000
Cash in Bank per bank statement, with a check for 850,000 still outstanding
Deposit in a bank closed by the Bangko Sentral ng Pilipinas
Vouchers paid out of colleotions, not yet recorded
650,0po
3,500,000
500,000
150,000
5,000
1OUS signed by employees, taken from collections
4,905,000
At what amount should Optimistic Co. report as "cash" on December 31, 2020?

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