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PROBLEM NO.1- Composition of cash and cash equivalents The following data pertain to PRTC Corporation at December 31, 2018: Current account at Metrobank P1,800,000 (100,000) 500,000 800,000 150,000 1,000 4,000 10,000 20,000 50,000 30,000 10,000 2,000,000 15,000 80,000 200,000 500,000 Current account at Allied Bank Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's post dated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIF check of customer Customer's check dated 1/1/19 Time deposit – 30 days Money market placement (due 6/30/19) 112/2 /18) 200 000

PROBLEM NO.1- Composition of cash and cash equivalents The following data pertain to PRTC Corporation at December 31, 2018: Current account at Metrobank P1,800,000 (100,000) 500,000 800,000 150,000 1,000 4,000 10,000 20,000 50,000 30,000 10,000 2,000,000 15,000 80,000 200,000 500,000 Current account at Allied Bank Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's post dated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIF check of customer Customer's check dated 1/1/19 Time deposit – 30 days Money market placement (due 6/30/19) 112/2 /18) 200 000

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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PROBLEM N0.1- Composition of cash and cash equivalents The following data pertain to PRTC Corporation at December 31, 2018: Current account at Metrobank Current account at Allied Bank P1,800,000 (100,000) 500,000 800,000 150,000 1,000 4,000 10,000 20,000 50,000 30,000 10,000 2,000,000 15,000 80,000 200,000 500,000 200,000 300,000 Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's post dated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIF check of customer Customer's check dated 1/1/19 Time deposit – 30 days Money market placement (due 6/30/19) -Treasury bills, due 3/31/18 (purchased 12/31/18) - Treasury bills, due 1/31/18 (purchased 2/1/18) REQUIRED: Determine the cash and cash equivalents to be reported on the entity's December 31, 2018 statement of financial position.
Transcribed Image Text:PROBLEM N0.1- Composition of cash and cash equivalents The following data pertain to PRTC Corporation at December 31, 2018: Current account at Metrobank Current account at Allied Bank P1,800,000 (100,000) 500,000 800,000 150,000 1,000 4,000 10,000 20,000 50,000 30,000 10,000 2,000,000 15,000 80,000 200,000 500,000 200,000 300,000 Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's post dated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIF check of customer Customer's check dated 1/1/19 Time deposit – 30 days Money market placement (due 6/30/19) -Treasury bills, due 3/31/18 (purchased 12/31/18) - Treasury bills, due 1/31/18 (purchased 2/1/18) REQUIRED: Determine the cash and cash equivalents to be reported on the entity's December 31, 2018 statement of financial position.
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