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The cash balance of Mendoza Company consists of the following on December 31,2020: Cash on hand, including stale check of P60,000 and postdated check of P30,000 Cash in bank, net of bank overdraft of P40,000 in a checking account with another bank Petty cash, including unreplenished receipts of P12,500 Savings deposits, earmarked for plant expansion What is the correct cash balance? P650,000 450,000 18,000 550,000

The cash balance of Mendoza Company consists of the following on December 31,2020: Cash on hand, including stale check of P60,000 and postdated check of P30,000 Cash in bank, net of bank overdraft of P40,000 in a checking account with another bank Petty cash, including unreplenished receipts of P12,500 Savings deposits, earmarked for plant expansion What is the correct cash balance? P650,000 450,000 18,000 550,000

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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The cash balance of Mendoza Company consists of the following on December 312020: Cash on hand, including stale check of P60,000 and postdated check of P30,000 Cash in bank, net of bank overdraft of P40,000 in a checking account with another bank Petty cash, including unreplenished receipts of P12,500 Savings deposits, earmarked for plant expansion What is the correct cash balance? P650,000 450,000 18,000 550,000
Transcribed Image Text:The cash balance of Mendoza Company consists of the following on December 312020: Cash on hand, including stale check of P60,000 and postdated check of P30,000 Cash in bank, net of bank overdraft of P40,000 in a checking account with another bank Petty cash, including unreplenished receipts of P12,500 Savings deposits, earmarked for plant expansion What is the correct cash balance? P650,000 450,000 18,000 550,000
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