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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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