Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check OP304,350 O P554,350 O P566,350 P 23,850 P504,350 45,500 50,000 105,000 10,000 250,000 12,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 70,000

Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check OP304,350 O P554,350 O P566,350 P 23,850 P504,350 45,500 50,000 105,000 10,000 250,000 12,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 70,000

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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