Problem -2: In the course of your audit of the Romen Company, its controller is attempting to determine the amount of cash to be reported on its December 31, 2016 balance sheet. The following information is provided: 1. Commercial savings account of P1,200,000 and a commercial checking account balance of P1,800,000are held at Union Bank. 2. Travel advances of P360,000 for executive travel for the first quarter of the nest year (employee to reimburse through salary deduction). 3. A separate cash fund in the amount of P3,000,000 is restricted for the retirement of a long term debt.

Problem -2: In the course of your audit of the Romen Company, its controller is attempting to determine the amount of cash to be reported on its December 31, 2016 balance sheet. The following information is provided: 1. Commercial savings account of P1,200,000 and a commercial checking account balance of P1,800,000are held at Union Bank. 2. Travel advances of P360,000 for executive travel for the first quarter of the nest year (employee to reimburse through salary deduction). 3. A separate cash fund in the amount of P3,000,000 is restricted for the retirement of a long term debt.

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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