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
Related questions
Question
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?
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education