The following pertains to Onyx Trading on April 30, 2020: Correct cash balance in a general checking account with Equitable-PCIBank — P320,000 Overdraft in a special checking account with Family Bank (Onyx does not have another account with Family Bank) — P20,000 Cash accumulated in a special fund that will be used for plant expansion in five years — P150,000 Cash surrender value of life insurance policy — P 32,000
MC29
The following pertains to Onyx Trading on April 30, 2020:
Correct cash balance in a general checking account with Equitable-PCIBank — P320,000
Overdraft in a special checking account with Family Bank (Onyx does not have another account with Family Bank) — P20,000
Cash accumulated in a special fund that will be used for plant expansion in five years — P150,000
Cash surrender value of life insurance policy — P 32,000
Cash travel advances in the hands of sales personnel — P12,000
Currency and coins in a petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) — P580
How much cash should Onyx report on the April 30, 2020
a. P332,580
b. P322,000
c. P320,580
d. P302,000
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