Can you please solve this financial accounting question? Greenfield Aristech Co. owns the following items:Cash in bank savings account: $6,500Cash on hand: $1,200Cash refund due from the IRS: $850Checking account balance: $12,600Post-dated cheques: $400What amount should Greenfield Aristech report as cash?

Step 1: Define Reportable Cash Reportable cash refers to the total amount of cash and cash…

Answered: Greenfield Aristech Co. owns the…

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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What is the correct amount of cash? * The statement of financial position of Money Company on December 31, 2020 shows cash of P330,820. The following items were found to comprise this total amount: Checking account in Metrobank Savings account at Far East Bank Petty cash fund (including expense receipts of P250) Cash on hand (undeposited sales receipts) Sinking fund cash Cash in foreign bank (in equivalent pesos) Customers' checks on hand – traveler's check 105,200 30,800 1,500 4,200 35,000 65,000 14,000 23,120 Customers' checks on hand - manager's check Short-term treasury bills Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursements journal in December. The sinking fund is intended to be used to settle the firm's noncurrent bonds payable. 52,000 What is the correct amount of cash?
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Greenfield Aristech Co. owns the following items: Cash in bank savings account: $6,500 Cash on hand: $1,200 Cash refund due from the IRS: $850 Checking account balance: $12,600 Post-dated cheques: $400 What amount should Greenfield Aristech report as cash?