Problem 1-12 PHILCPA Adapted) Starex Company provided the following information at year-end: 3,000,000 Checking account at Metrobank Employee postdated check 120,000 Foreign bank account unrestricted and in equivalent pesos 2,500,000 IOU from company president 500,000 NSF customer check Petty cash fund, expense receipts P40,000 100,000 50,000 10,000 Postage stamps Treasury bills Treasury bonds Value added tax account What amount should be reported as cash and cash equivalents? a. 8,710,000 b. 7,000,000 c. 8,210,000 d. 8,250,000 qabA 1,200,000 500,000 1,500,000 Ch 001: N

Problem 1-12 PHILCPA Adapted) Starex Company provided the following information at year-end: 3,000,000 Checking account at Metrobank Employee postdated check 120,000 Foreign bank account unrestricted and in equivalent pesos 2,500,000 IOU from company president 500,000 NSF customer check Petty cash fund, expense receipts P40,000 100,000 50,000 10,000 Postage stamps Treasury bills Treasury bonds Value added tax account What amount should be reported as cash and cash equivalents? a. 8,710,000 b. 7,000,000 c. 8,210,000 d. 8,250,000 qabA 1,200,000 500,000 1,500,000 Ch 001: N

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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