During your audit of Baguio Corporation for the year 2020, the following were presented to you in connection toyour audit of its Cash and Cash Equivalent account:Petty Cash Fund which consists of the following:20,0008,00010,0002,000Currencies and coinsVarious expense receiptsEmployee advancesTreasury Bills as follows:Purchased on December 31, 2020, due on March 1,20211,000,000400,000600,000Purchased on January 31, 2020, due on January 31, 2021Cash in Bank accounts:6,800,000Checking Account - Bank of the Philippine IslandsChecking Aooount - Banco de OroChecking Account - RCBC (Payroll Account)US$ Savings Accounts - Metrobank4,000,000-200,0001,000,000Peso Equivalent000,000Various Checks:Employees check dated January 10, 2021Traveler's Check108,0008,000100,000Others:752,000Postage StampsIOU from company president's brotherCredit memorandum from supplier for purchase returnPostal Money OrderTreasury WarrantsListed stocks held as temporary investments2,00020,00040,00060,000600,00030,000Required:Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on itsDecember 31, 2020 statement of financial position?

Cash includes currency as well as demand deposits with the financial institutions or banks.

Cash in Bank accounts: Checking Account - Bank of the Philippine slands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10, 2021 Traveler's Check 8,000 100,000 Others: Postage Stamps IOU rom company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 752,000 2,000 20,000 40,000 60,000 600,000 30,000 Required Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position?

Cash in Bank accounts: Checking Account - Bank of the Philippine slands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10, 2021 Traveler's Check 8,000 100,000 Others: Postage Stamps IOU rom company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 752,000 2,000 20,000 40,000 60,000 600,000 30,000 Required Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position?

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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Dinesh bhai
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Question 55 Choose the correct answer from the choices.
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Vinubhai
B. Problem (please refer to the picture.)
Restricted foreign bank account (equivalent to pesos_ IOU from eldest brother of Jonathan Fabian, the company controller Listed stocks held as temporary investments Payroll account Petty Cash fund (net of expense receipts pf P 6,000) 1,000,000 10,000 15,000 500,000 4,000 Additional information: 1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailed to suppliers on January 5, 2021. 2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. 3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailed on January 15, 2020. As of the reporting period, the same has not been encashed by the payee and still outstanding. 16. How much cash and cash equivalents should Amsterdam Corporation report on the December 31, 2020 statement of financial position?