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Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000

Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000

FINANCIAL ACCOUNTING
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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Problem 3 Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check Petty cash fund, P30,000 in currency and expense receipts for P20,000 What amount should be reported as cash at year-end? (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000 50,000
Transcribed Image Text:Problem 3 Grind Company provided the following information with respect to cash and cash equivalents at year-end: Checking account at BDO Checking account at RCBC Treasury bonds Unrestricted foreign bank account in equivalent pesos Cash in foreign bank restricted due to exchange control IOU from President Credit memo from a vendor for a purchase return No sufficient fund customer check Petty cash fund, P30,000 in currency and expense receipts for P20,000 What amount should be reported as cash at year-end? (P400,000) 1,100,000 1,050,000 2,000,000 1,200,000 890,000 140,000 170,000 50,000
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