What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial position?On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note? Mickey Mouse Corporation is preparing its bank reconciliation and had made available thefollowing information:200,00045,00034,500BDO balance per bank statementDeposit in TransitOutstanding checksAmount erroneously debited by BDO bank to Mickey Mouse accountBank service charge for DecemberCheck drawn, recorded and delivered on December 21, 2019,the check dated January 10,2020 (included in the totaloutstanding checks above)Check for Minnie Mouse Corporation credited by bank to the accountof Mickey Mouse Corporation8,0001,00012,00015,000What is the amount shown as Cash on Mickey Mouse's December 31, 2019 Statement ofFinancial position?

The balance as per the bank statement and as per the books is reconciled and adjusted to deduce the…

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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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What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial position?
On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July 1, the note was discounted at a bank at a rate of 12 percent. How much cash did Mickey Mouse receive from the bank on the discounted note?

Mickey Mouse Corporation is preparing its bank reconciliation and had made available the
following information:
200,000
45,000
34,500
BDO balance per bank statement
Deposit in Transit
Outstanding checks
Amount erroneously debited by BDO bank to Mickey Mouse account
Bank service charge for December
Check drawn, recorded and delivered on December 21, 2019,
the check dated January 10,2020 (included in the total
outstanding checks above)
Check for Minnie Mouse Corporation credited by bank to the account
of Mickey Mouse Corporation
8,000
1,000
12,000
15,000
What is the amount shown as Cash on Mickey Mouse's December 31, 2019 Statement of
Financial position?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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