The following data pertains to Hermes Company on December 31: Bank statement balance P5,000,000 Checkbook balance 5,600,000 Deposit in transit 2,000,000 Outstanding checks, including a check for P100,000 dated December 31 but undelivered to payee 500,000 Question: In Hermes' December 31 statement of financial position, cash should be reported at a. P6,500,000. b. P6,600,000. c. P7,012,000.
The following data pertains to Hermes Company on December 31:
Bank statement balance P5,000,000
Checkbook balance 5,600,000
Deposit in transit 2,000,000
Outstanding checks, including a check for P100,000 dated December 31 but undelivered to payee 500,000
Question:
In Hermes' December 31 statement of financial position, cash should be reported at
a. P6,500,000.
b. P6,600,000.
c. P7,012,000.
d. P7,200,000.
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