David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: P 300,000 Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 50,000 150,000 What is the proper amount to be shown as cash on David Co.'s statement o financial position on December 31, 2020?

David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: P 300,000 Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 50,000 150,000 What is the proper amount to be shown as cash on David Co.'s statement o financial position on December 31, 2020?

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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