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n Pharoah Inc. owns these assets at the statement of financial position date: Cash in bank (savings account) Cash on hand Prepaid insurance Cash in bank (chequing account) Postdated cheques received from customers $24,640 1,840 2,240 15,880 1,120

n Pharoah Inc. owns these assets at the statement of financial position date: Cash in bank (savings account) Cash on hand Prepaid insurance Cash in bank (chequing account) Postdated cheques received from customers $24,640 1,840 2,240 15,880 1,120

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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Cash in bank (savings account) Cash on hand Pharoah Inc. owns these assets at the statement of financial position date: Prepaid insurance Cash in bank (chequing account) Postdated cheques received from customers Show Transcribed Text n Cash $ eTextbook and Media Save for Later (² n $24,640 1,840 2,240 15,880 What amount should be reported as cash and cash equivalents in the statement of financial position? 1,120 (² Attempts: 0 of 3 used
Transcribed Image Text:Cash in bank (savings account) Cash on hand Pharoah Inc. owns these assets at the statement of financial position date: Prepaid insurance Cash in bank (chequing account) Postdated cheques received from customers Show Transcribed Text n Cash $ eTextbook and Media Save for Later (² n $24,640 1,840 2,240 15,880 What amount should be reported as cash and cash equivalents in the statement of financial position? 1,120 (² Attempts: 0 of 3 used
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