Problem 1: Cash Valuation / Computation Checking account at PGOLD Bank (20,000) Checking account at Land Bank 500,000 Payroll Account - Common Wealth Bank 100,000 Foreign Bank Account - restricted 750,000 Postage Stamps 22,000 Employees post-dated checks 30,000 I.O.U's from Comptroller's relatives 75,000 Traveler's Checks 50,000 NSF Checks 18,000 Petty Cash Fund (P16,000 in currency, expense receipts P 84,000) 100,000 Cashier's Checks 36,000 Requirements: 1. What is the correct cash balance to be reported in the statement of financial position of Tonton Comoany on December 31,2019? 2. What is the correct cash balance to be reported in the statement of financial position of Tonton Company on December 31,2019 assuming the bank overdraft is repayable on demand and its integral to the entitys cash management?
Problem 1: Cash Valuation / Computation Checking account at PGOLD Bank (20,000) Checking account at Land Bank 500,000 Payroll Account - Common Wealth Bank 100,000 Foreign Bank Account - restricted 750,000 Postage Stamps 22,000 Employees post-dated checks 30,000 I.O.U's from Comptroller's relatives 75,000 Traveler's Checks 50,000 NSF Checks 18,000 Petty Cash Fund (P16,000 in currency, expense receipts P 84,000) 100,000 Cashier's Checks 36,000 Requirements: 1. What is the correct cash balance to be reported in the statement of financial position of Tonton Comoany on December 31,2019? 2. What is the correct cash balance to be reported in the statement of financial position of Tonton Company on December 31,2019 assuming the bank overdraft is repayable on demand and its integral to the entitys cash management?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1: Cash Valuation / Computation
| Checking account at PGOLD Bank | (20,000) | |
| Checking account at Land Bank | 500,000 | |
| Payroll Account - Common Wealth Bank | 100,000 | |
| Foreign Bank Account - restricted | 750,000 | |
| Postage Stamps | 22,000 | |
| Employees post-dated checks | 30,000 | |
| I.O.U's from Comptroller's relatives | 75,000 | |
| Traveler's Checks | 50,000 | |
| NSF Checks | 18,000 | |
|
Petty Cash Fund (P16,000 in currency, expense receipts P 84,000)
|
100,000 | |
| Cashier's Checks | 36,000 |
Requirements:
1. What is the correct cash balance to be reported in the
2. What is the correct cash balance to be reported in the statement of financial position of Tonton Company on December 31,2019 assuming the bank overdraft is repayable on demand and its integral to the entitys cash management?
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