n connection with your audit of CD Corporation for the year ended December 31, 2021, you gathered the following information : Current account at M Bank P 2,000,000 Current account at BPI ( 100,000) Payroll account 500,000 Foreign bank account -restricted (equivalent in pesos) 1,000,000 Postage stamps 1,000 Employee’s post-dated checks 4,000 IOU from controller’s sister 10,000 Credit memo from a vendor for a purchase return 20,0
In connection with your audit of CD Corporation for the year ended December 31, 2021, you gathered the following information :
|
Current account at M Bank |
P 2,000,000 |
|
Current account at BPI |
( 100,000) |
|
Payroll account |
500,000 |
|
Foreign bank account -restricted (equivalent in pesos) |
1,000,000 |
|
Postage stamps |
1,000 |
|
Employee’s post-dated checks |
4,000 |
|
IOU from controller’s sister |
10,000 |
|
Credit memo from a vendor for a purchase return |
20,000 |
|
Traveler’s check |
50,000 |
|
Non-sufficient funds check |
15,000 |
|
Money order |
30,000 |
|
Petty cash fund (P 4,000 in currency and expense receipts for P 6,000) |
10,000 |
|
Treasury bills, due 3/30/22 (purchased 12/29/21) |
200,000 |
|
Treasury bills, due 1/31/22 (purchased 2/1/21) |
300,000 |
Based on the above information and the result of your audit, compute for the cash and cash equivalents that will be reported on December 31, 2021
a. P 2,704,000
b. P 2,784,000
c. P 3,084,000
d. P 2,790,000
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