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Balances in the company's account at IBank; checking account-P540,000; savings - P884,000 b. Undeposited customer's checks of P128,000 c. Currency and coins on hand, P83,200 d. Savings accounts at the PSBank with a balance of P16,000,000. this account is being used to accumulate cash for future plant expansion (in 2023) e. Petty cash, P80,000 f. P800,000 in a checking account at the PSBank. The balance in the account represents a 20% compensating balance for a P4,000,000 loan with a bank. Broker may not withdraw the funds until the loan is due in 2023. g. Phil Treasury bills, 2-month maturity bills totaling P600,000; and a 7-month maturity bill totaling P400,000. Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet

Balances in the company's account at IBank; checking account-P540,000; savings - P884,000 b. Undeposited customer's checks of P128,000 c. Currency and coins on hand, P83,200 d. Savings accounts at the PSBank with a balance of P16,000,000. this account is being used to accumulate cash for future plant expansion (in 2023) e. Petty cash, P80,000 f. P800,000 in a checking account at the PSBank. The balance in the account represents a 20% compensating balance for a P4,000,000 loan with a bank. Broker may not withdraw the funds until the loan is due in 2023. g. Phil Treasury bills, 2-month maturity bills totaling P600,000; and a 7-month maturity bill totaling P400,000. Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter8: Budgets And Bank Reconciliations
Section: Chapter Questions
Problem 2.7C
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what are the total balance of the accounts of the petty cash? 

AutoSave O Of H 2- U U - - ACCTG. FOR CASH - Saved to this PC - P Search (Alt+Q) Sign in File Home Insert Draw Design Layout References Mailings Review View Help A Share P Comments X Cut O Find - Calibri (Body) v 14 - A A Aa v A АаBbCcDc AaBьСcDc AaBbC АаBbСc[ Aав Аавьссс E Copy Paste Replace A Select I U v ab x, x A - Iv A - I Normal I No Spac. Heading 1 Heading 2 Subtitle Editor Title S Format Painter Clipboard Font Paragraph Styles Editing Editor L I 1 . 2. · 3 · I· 4 . L5 . • 6. 7.· 8 . . 9 · · 10 . L· 11 · 1 : 12 : · 13: · 14 . I. 15 I · 16 17 .. 18 .I. 19 UCIIng CUIISIUCITU. Balances in the company's account at IBank; checking account-P540,000; savings - P884,000 b. Undeposited customer's checks of P128,000 c. Currency and coins on hand, P83,200 d. Savings accounts at the PSBank with a balance of P16,000,000. this account is being used to accumulate cash for future plant expansion (in 2023) e. Petty cash, P80,000 f. а. The balance in the account P800,000 in a checking account at the PSBank. represents a 20% compensating balance for a P4,000,000 loan with a bank. Broker may not withdraw the funds until the loan is due in 2023. g. Phil Treasury bills, 2-month maturity bills totaling P600,000; and a 7-month maturity bill totaling P400,000. Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet 1. A count of the imprest petty cash fund the morning of December 31, 2021 showed the Page 3 of 4 English (United States) D Focus 1359 words 164%
Transcribed Image Text:AutoSave O Of H 2- U U - - ACCTG. FOR CASH - Saved to this PC - P Search (Alt+Q) Sign in File Home Insert Draw Design Layout References Mailings Review View Help A Share P Comments X Cut O Find - Calibri (Body) v 14 - A A Aa v A АаBbCcDc AaBьСcDc AaBbC АаBbСc[ Aав Аавьссс E Copy Paste Replace A Select I U v ab x, x A - Iv A - I Normal I No Spac. Heading 1 Heading 2 Subtitle Editor Title S Format Painter Clipboard Font Paragraph Styles Editing Editor L I 1 . 2. · 3 · I· 4 . L5 . • 6. 7.· 8 . . 9 · · 10 . L· 11 · 1 : 12 : · 13: · 14 . I. 15 I · 16 17 .. 18 .I. 19 UCIIng CUIISIUCITU. Balances in the company's account at IBank; checking account-P540,000; savings - P884,000 b. Undeposited customer's checks of P128,000 c. Currency and coins on hand, P83,200 d. Savings accounts at the PSBank with a balance of P16,000,000. this account is being used to accumulate cash for future plant expansion (in 2023) e. Petty cash, P80,000 f. а. The balance in the account P800,000 in a checking account at the PSBank. represents a 20% compensating balance for a P4,000,000 loan with a bank. Broker may not withdraw the funds until the loan is due in 2023. g. Phil Treasury bills, 2-month maturity bills totaling P600,000; and a 7-month maturity bill totaling P400,000. Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2021 balance sheet 1. A count of the imprest petty cash fund the morning of December 31, 2021 showed the Page 3 of 4 English (United States) D Focus 1359 words 164%
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