The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of: Petty Cash Fund P 24, 000 Undeposited receipts, including a post-dated customer check for P 70, 000 Cash in Allied Bank, per bank statement, with a check for P 40,000 still outstanding 1,220,00 Bond Fund 850,000 Voucher’s paid out of collections, not yet recorded 43,000 IOU’s signed by employees, taken from collections 33,000 4,415,000 Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP? Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?
The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of: Petty Cash Fund P 24, 000 Undeposited receipts, including a post-dated customer check for P 70, 000 Cash in Allied Bank, per bank statement, with a check for P 40,000 still outstanding 1,220,00 Bond Fund 850,000 Voucher’s paid out of collections, not yet recorded 43,000 IOU’s signed by employees, taken from collections 33,000 4,415,000 Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP? Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of:
| Petty Cash Fund | P 24, 000 |
|
Undeposited receipts, including a post-dated customer
|
1,220,00 |
| Bond Fund | 850,000 |
| Voucher’s paid out of collections, not yet recorded | 43,000 |
| IOU’s signed by employees, taken from collections | 33,000 |
| 4,415,000 |
Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP?
Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?
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