Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter Company had the following items in its safe, together with 18 blank checks: • A check amounting to P70,000 payable to Hechter Company, dated January 2, 2021, that was included in the December 31 checkbook balance • A check amounting to P300,000 payable to a supplier and drawi on Hechter Company's account that was dated and recorded o December 31 but not mailed until January 3, 2021 What amount of cash should Hechter Company report on its December 3-
Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter Company had the following items in its safe, together with 18 blank checks: • A check amounting to P70,000 payable to Hechter Company, dated January 2, 2021, that was included in the December 31 checkbook balance • A check amounting to P300,000 payable to a supplier and drawi on Hechter Company's account that was dated and recorded o December 31 but not mailed until January 3, 2021 What amount of cash should Hechter Company report on its December 3-
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:9. Hechter Company's checkbook balance as of December 31, 2020 was
P1,750,000. On the same date, Hechter Company had the following items in
its safe, together with 18 blank checks:
• A check amounting to P70,000 payable to Hechter Company, dated
January 2, 2021, that was included in the December 31 checkbook
balance
• A check amounting to P300,000 payable to a supplier and drawn
on Hechter Company's account that was dated and recorded on
December 31 but not mailed until January 3, 2021
What amount of cash should Hechter Company report on its December 31,
2020 statement of financial position?
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