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) The cash account in the statement of financial position of ABC Company consisted of the following: Bond sinking fund (bonds expected to be settled in 1 year) Checking account in XYZ Bank per ABC's accounting records (a P320,000 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P10,000 in is the form of paid vouchers) IOUS from officers and employees P1,500,000 3,155,000 1,135,000 500,000 50,000 175,000 6,515,000 What total amount of cash should be reported under current assets?

) The cash account in the statement of financial position of ABC Company consisted of the following: Bond sinking fund (bonds expected to be settled in 1 year) Checking account in XYZ Bank per ABC's accounting records (a P320,000 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P10,000 in is the form of paid vouchers) IOUS from officers and employees P1,500,000 3,155,000 1,135,000 500,000 50,000 175,000 6,515,000 What total amount of cash should be reported under current assets?

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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32) The cash account in the statement of financial position of ABC Company consisted of the following: Bond sinking fund (bonds expected to be settled in 1 year) Checking account in XYZ Bank per ABC's accounting records (a P320,000 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P10,000 in is the form of paid vouchers) IOUS from officers and employees P1,500,000 3,155,000 1,135,000 500,000 50,000 175,000 6,515,000 What total amount of cash should be reported under current assets?
Transcribed Image Text:32) The cash account in the statement of financial position of ABC Company consisted of the following: Bond sinking fund (bonds expected to be settled in 1 year) Checking account in XYZ Bank per ABC's accounting records (a P320,000 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P10,000 in is the form of paid vouchers) IOUS from officers and employees P1,500,000 3,155,000 1,135,000 500,000 50,000 175,000 6,515,000 What total amount of cash should be reported under current assets?
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