DMCI Holdings, Inc. shows the following account balance in their financial records as of December 31, 2019: Checking account at Manila bank, (P40, 000); Checking account at land Bank, P1, 000, 000; Payroll account National Bank, P200, 000; Foreign bank account-restricted, P1, 500, 000; Postage stamps, P44, 660; Employees post-dated checks, P60, 000; I.O.U. from president’s brother, P150, 000; traveler’s check, P100, 000; DAUD checks, P36, 000; Petty cash fund (P32, 000 in currency & expenses receipts for P168, 000), P200, 000; and Cashier’s checks, P72, 000. The correct cash balance to be reported in the balance sheet of DMCI on December31, 2019 is ________. a.P1, 572, 000 b. P1, 682, 000 c. P1, 440, 000 d. P1,404, 000
DMCI Holdings, Inc. shows the following account balance in their financial records as of
December 31, 2019:
Checking account at Manila bank, (P40, 000); Checking account at land Bank, P1, 000, 000;
Payroll account National Bank, P200, 000; Foreign bank account-restricted, P1, 500, 000;
Postage stamps, P44, 660; Employees post-dated checks, P60, 000; I.O.U. from president’s
brother, P150, 000; traveler’s check, P100, 000; DAUD checks, P36, 000; Petty cash fund (P32,
000 in currency & expenses receipts for P168, 000), P200, 000; and Cashier’s checks, P72,
000. The correct cash balance to be reported in the balance sheet of DMCI on December31,
2019 is ________.
a.P1, 572, 000 b. P1, 682, 000 c. P1, 440, 000 d. P1,404,
000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
