J.P. Rizal Company. In your year end audit of J.P. Rizal Corp., the cashier showed a cash accountability of P12,000 as ot December 31, 2020. Selected transactions of the corporation for 2020, in summary form, follows: Accounts writtenoff 5,000.00 Depreciation of fixed assets 30,000.00 Disbursements for cost and expenses 750,000.00 Income Tax accrued 10,000.00 Payment of bank loan 40,000.00 Subscriptions receivable 300,000.00 Subscribed share capital 900,000.00 Proceeds from short-term bank loan 100,000.00 Purchases of fixed assets 450,000.00 Sales (80% collected in 2020) 700,000.00 How much is correct cash accountability of the cashier as of December 31, 2020?
J.P. Rizal Company. In your year end audit of J.P. Rizal Corp., the cashier showed a cash accountability of P12,000 as ot December 31, 2020. Selected transactions of the corporation for 2020, in summary form, follows: Accounts writtenoff 5,000.00 Depreciation of fixed assets 30,000.00 Disbursements for cost and expenses 750,000.00 Income Tax accrued 10,000.00 Payment of bank loan 40,000.00 Subscriptions receivable 300,000.00 Subscribed share capital 900,000.00 Proceeds from short-term bank loan 100,000.00 Purchases of fixed assets 450,000.00 Sales (80% collected in 2020) 700,000.00 How much is correct cash accountability of the cashier as of December 31, 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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J.P. Rizal Company. In your year end audit of J.P. Rizal Corp., the cashier
showed a cash accountability of P12,000 as ot December 31, 2020. Selected transactions
of the corporation for 2020, in summary form, follows:
Accounts writtenoff 5,000.00
Disbursements for cost and expenses 750,000.00
Income Tax accrued 10,000.00
Payment of bank loan 40,000.00
Subscriptions receivable 300,000.00
Subscribed share capital 900,000.00
Proceeds from short-term bank loan 100,000.00
Purchases of fixed assets 450,000.00
Sales (80% collected in 2020) 700,000.00
How much is correct cash accountability of the cashier as of December 31,
2020?
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