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

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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Similar questions

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