The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following: Petty cash fund - P3,600 Checking account in BDO (check of P6,000 is still outstanding). - P336,750 Notes receivable in the possession of a collecting agency - P25,000 Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) - P178,000 Bond sinking fund cash - P134,000 IOUs signed by employees - P4,900 Total - P682,250 At what amount should "Cash on hand and in bank" be reported at December 31, 2021?
The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following: Petty cash fund - P3,600 Checking account in BDO (check of P6,000 is still outstanding). - P336,750 Notes receivable in the possession of a collecting agency - P25,000 Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) - P178,000 Bond sinking fund cash - P134,000 IOUs signed by employees - P4,900 Total - P682,250 At what amount should "Cash on hand and in bank" be reported at December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The River Company's ledger showed a balance in its cash account at December 31, 2021 of P682,250, which was determined to consist of the following:
Petty cash fund - P3,600
Checking account in BDO (check of P6,000 is still outstanding). - P336,750
Notes receivable in the possession of a collecting agency - P25,000
Undeposited receipts (including a customer's check of P10,500 dated December 28, 2021 and traveler's check for P10,000) - P178,000
Bond sinking fund cash - P134,000
IOUs signed by employees - P4,900
Total - P682,250
At what amount should "Cash on hand and in bank" be reported at December 31, 2021?
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